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Microcap & Penny Stocks : PanAmerican BanCorp (PABN)
PABN 0.000010000.0%Nov 14 9:30 AM EST
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To: wonk who wrote (37311)5/31/1999 5:30:00 PM
From: jhild  Read Replies (1) of 43774
 
So Wireless, here's a little info on Form D's from the SEC site. Companies must file within 15 days after placing Reg D authorized stock.

Looking at this it would seem that the sale could have happened then as early as 3/8/99, the day before the date of record for the Cusip number change. Since such sales are directly by the company to individuals that can invest up to $1m, you are right in suggesting that a massive number of shares could have been pushed out of the company at that point.

I note with interest that the SEC doesn't require notice of intent to sell only that you report 15 days after the fact. Since D sales are generally dilutive to shareholders when the stock is sold at discount to the market I would question if any company would file a disclosure and then not actually consummate the sale.

Form D

Companies selling securities in reliance on a Regulation D exemption or a Section 4(6) exemption from the registration provisions of the '33 Act must file a Form D as notice of such a sale. The form must be filed no later than 15 days after the first sale of securities.

For additional information on Regulation D and Section 4(6) offerings, ask for a copy of the Regulation and the pamphlet entitled: "Q & A: Small Business and the SEC" from the Commission's Publications Unit or see the Small Business Section of the Commission's Web Site.
sec.gov
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