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3.9¢ g medical innovations holdings limited

GMVD - NASDAQ IPO, page-829

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cal50

7,134 Posts.

385

23/12/20

17:58

Post #: 49787635
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Originally posted by Galilee13: ↑

Hi Cal50

A very interesting question you ask!

Over the last few weeks I have had many conversation with Henry, Brendan and V Stock. My enquires stem from the issue that if all shareholders currently have there stock “restricted” then who is trading the OTC market? How can I have my share unrestricted and therefore trade the OTC market? (Let’s put the low volume aside for this post)

So IMO, this is what I learnt.

I initially asked V Stock about the restriction, to which they advised me it was due to an SEC regulation 1933. To get around this I required a legal opinion from a US securities attorney. Apparently this is normal I was told and thus I went about finding an attorney.

Next I finally received my share statement from V Stock and again asked what the process was to have my shares unrestricted. This time V Stock informed me that the restriction was in fact company imposed and NOT by the SEC. They advised I need to talk to Brendan.

So now I email Brendan and ask why and how are our shares restricted? Did we vote on this? He basically refuses to answer any of my questions. He said I should obtain a legal opinion and send this to the company for the board to consider and approve. So is the company only approving shareholders on a case by case? What is the companies basis for approving one shareholders over another? Again I never received a reply to my questions.

So I have found and engaged a US securities attorney, but Brendan is unable to tell me the reason why our shares are restricted. So what’s the basis of the legal opinion?

So, I also learnt that all Ex ASX have had there shares consolidated and restricted pending a Nasdaq IPO. What happens if the company never lists on the Nasdaq? The stock that made its way over the OTC market before the asx delisting is unconsolidated and freely tradable. If I knew this was going to happen I would have moved all my stock across the OTC market to give me the ability to sell. Why didn’t the company tell us this was going to happen.

IMO, it’s the OTC listing that will be uplifted to the Nasdaq and thus there are certain volume and market cap requirements that need to be met. IMO, there requirements can easily be obtained if you can control or manipulate the price because 99.9% of shareholders are restricted from trading this market.

The OTC market listing was in place and functioning before the asx delisting. What has changed now? Why can’t shareholders access this market now?

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Thanks for the update G , I just hope we dont have to wait another 6 months to find out what is going on , would be nice to get monthly updates on the company and financials . I have had other companies that had suspended trading for 6 months but gladly they worked out with a very nice return . But this is worrying me more the longer no info is released , I doubt anything will happen over the christmas new year period , so will be mid Jan before we might get anything if we do at all and then there is chinese new year in February so not much will happen there with approvals , so i would so march before we see or hear anything , I hope Im wrong but it is what it is

GMV Price at posting: 3.9¢ Sentiment: Buy Disclosure: Held
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