Jim,
PINC Management comes Down on Vigilantes (Bashers)
Yes, I saw this the other day. Not very professional of Greg. It reads like a temper tantrum.
PINC seems to spend more effort selling and hyping its stock then its products. This tends to attract critics. FNTN on the other hand, is hyped by its share holders on this thread not so much by the company itself. Nothing is ever really discussed here, only spun. Many like to read between the lines, no one seems to read what it actually says.
There are many interesting things (not necessarily all bad, just interesting) in the SB-2. On most stock boards, this filing would be dissected and analyzed. Here it's called an APO. Since IPOs are good, an APO is good, seems to be the logic. It's good in the sense that the company is closer to reporting status, but it boils down to more shares outstanding. I found it curious that some on this board started preparing the readers of this thread for the so called "APO" several month ago. I remember individuals talking about the fact that FNTN has never had an IPO, like every company is entitled to one no matter how they came to exist on the OTC BB. The implication seems to be that this is good for current share holders. It is good for the company, since they need money to fund operations and it might be good for share holder if they are ultimately successful building the business.
Now the spin seems to be that the number of shares possibly added to the float by the SB-2 is the maximum. This is not entirely true. The totals for the Promissory Notes are dependent on price and outstanding shares. If the price goes down, they convert to more shares. However, the holders are not allowed to own more than 4.99 % of the outstanding stock at anyone time. So part of these total possible shares seems to depend on the share price staying up, and no additional share outstanding.
(iii) The Holder may, in accordance with the terms of this Section, at its
sole option convert this Promissory Note into that number of shares of fully
paid and nonassessable shares of Common Stock which is to be derived from dividing the Conversion Amount by the Conversion Price. The "Conversion Amount" shall mean the principal dollar amount of the Promissory Note being converted. The "Conversion Price" shall be the lessor of : (i) 75% of the average of the five lowest closing bid prices of the Common Stock during the 30 trading days ending on the trading day immediately preceding the Conversion Date, or (ii) $.40 per share.
(iv) Notwithstanding anything else herein to the contrary, the Holder of
this Promissory Note may not convert any Promissory Note to the extent that
after such conversion, the number of shares of Common Stock owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Promissory Notes and any unexercised warrants issued to the Holder and its affiliates as of such date (the "Warrants")), would result in ownership by the Holder and its affiliates of 4.99% or more of the Company's issued and
outstanding shares of Common Stock following such conversion.
Finally, these are just my opinions. I find this board interesting, not so much for the things discussed here, but for the things not discussed.
Tom
Go Maryland! |
