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Microcap & Penny Stocks : UNIVERSAL EXPRESS INC - USXP
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To: Dave Gore who wrote (390)6/30/1998 3:48:00 PM
From: TraderGreg  Read Replies (1) of 2493
 
Increasing the authorized requires a vote. Of course, if the board and insiders hold a majority they don't have to send out proxies. They can just do it. So, in a sense , you're correct.

Now, if the SEC said that after a reverse, there would be an X day moratorium during which no dilution can occur, we would see a lot less reverses being done.

In fact, the only ones that would occur would be the ones by those companies who had good fundamentals but lacked the price. The reverse would be a math calc for them to meet the NASDAQ requirement for listing.

TG
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