Looks like Mobilicom will get delisted in the US also.
There seems to be some rule where stocks have to maintain a minimum price of 1 US dollar and Mobilicom is battling to do that given the price has naturally crashed after the ASX delisting and taking away shareholder rights. Of couse it always traded at a premium on the ASX which refuted managements claim at the time that it would trade better on US markets. Just like their immediate appl to raise $50m! with their fantasy so called 'business plan' and in increase in costs refuted their claims the delist was due to cost saving. Add to this the very strange volumes of ADRs that suggest the entire regstry is in free float and ADR holders do not have the right to prevent their shares being short sold and any retail shareholder exposed to Mobilicom appears to be boned. Add to that now: unaudited financials and it's hard to keep an eye on the pea.
No way for shareholders to wind it up now as ADR holders are 'not treated as shareholders' as per company release, recent management options issue prevent board replacement or T/O.
So it seems a former poster on here was dead right.
Normal fiduciary duties would see any management not meeting targets replaced, and if a business plan is failing as MOB's seems to be, that the board then try to maximize return to shareholders (of course few of those still exist technically) : this would mean in this instance a sale of IP and winding up.
Given recent management moves that also seems unlikely.
It seems to me that the founders are dead keen to keep a grip on the IP even if it means the company ends up on the pink-sheets OTC or even totally delisted, with an inability to raise further capital and the coffers drained in admin costs.
It sure looks to me like I will lose everything in this Israeli company and I should have just take the huge loss when they stabbed Australian shareholders in the back. History, eh? Keeps repeating.
