IPO update, page-452

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Dhm

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01/07/21

16:35

Post #: 54215294
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Originally posted by Portela1: ↑

I say Allison got sick of all the emails. I emailed her a similar question about after the lock out period and Simone Rainer an Administrative Assistant responded as follows...

"The legal opinion and sellers rep letter are required based on the 1933 legend that will be on the shares when the lock up period has ended"

So my understanding, and after some limited research, is that the Issuer (GMV) must authorise the removal of the 1933 legend which restricts selling during the lock down period. This authority is usually provided in the form of an opinion letter from the issuer’s counsel to the transfer agent (VStock in this case) who then removes the legend from the share certificate, which lifts the sell restriction and ending the lock down period. All IMO

Note: A legend is a statement on a stock certificate noting restrictions on the transfer or sale of a company's stock. A stock legend is typically established due to the SEC's requirements for unregistered or restricted securities

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OK so it sounds that a GMV legal counsel needs to issue the opinion letter to free up our shares to co incide with the six month restriction period? Nothing we can do except perhaps alert someone associated with GMV - this Henry guy? - to make sure everything is ready to go in 6 months.

Anything associated with this company is fraught with complications.

GMV Price at posting: 3.9¢ Sentiment: Hold Disclosure: Held
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IPO update, page-452

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