Power Nickel complains of short selling
2023-11-24 01:47 ET - News Release
Mr. Terry Lynch reports
POWER NICKEL TO FILE COMPLAINT ON WIDESPREAD POTENTIAL ILLEGAL SHORT SELLING OF ITS SHARES
Terry Lynch, chief executive officer of Power Nickel Inc. and founder of Save Canadian Mining, and Power Nickel's advisers have prepared and will file in the coming days an official complaint detailing significant and persistent position imbalances for Power Nickel's stock. This troubling imbalance is defined as a broker having an insufficient number of shares in its depository account compared with the number of beneficially owned shares for its customers. This can indicate potential naked short selling and other manipulative actions designed to artificially drive down share prices. Power Nickel is bringing this to the attention of all Canadian investors to make them aware of the non-market factors that have led to the terrible performance of the TSX Venture Exchange despite this being on the whole a robust commodity market.
"The take-away is that it is not remotely normal for our stock market to be so severely depressed. Indeed, it is clear there is something fundamentally wrong with the price action on the TSX-V and indeed all Canadian exchanges. In my volunteer unpaid role as founder of Save Canadian Mining, we have tried to bring this problem to the attention of Canadian politicians and regulators. However, this lobbying effort had no discernible benefit. Nothing was accomplished," commented Mr. Lynch.
Shortly, Power Nickel will file a formal complaint, which should cause CIRO (Canadian Investment Regulatory Organization) and FINRA (Financial Industry Regulatory Authority) to investigate the investment banks it has found which have persistently and consistently maintained significant imbalances of more than 100,000 shares for a minimum period of eight weeks. This imbalance started collectively around three million shares and now stands at over nine million shares on the 80 per cent of the float of Power Nickel's stock that it can obtain information.
With its permission, CDS, DTC, Broadridge, its transfer agent and more provided Power Nickel data to ShareIntel-Shareholder Intelligence Services LLC, which through its patented DRIL-Down process gathers actionable intelligence on behalf of publicly traded companies which engage their services in an effort to uncover suspicious stock trading activity. Over the past 16 weeks alone, more than nine million excess shares of Power Nickel were traded beyond what was likely delivered. According to the top attorney in the space, Wes Christian, the remaining approximately 20 per cent of the float not captured can historically contain even larger imbalances. This persistent gap is costing investors and sabotaging Canada's critical mineral sector.
To learn more about this issue, join Mr. Lynch, mining industry legend Eric Sprott, Mr. Christian and Share Intel chief executive officer David Wenger at the Black Friday, Nov. 24, emergency short selling session.
We seek Safe Harbor.
Power Nickel complains of short selling
2023-11-24 01:47 ET - News Release
Mr. Terry Lynch reports
POWER NICKEL TO FILE COMPLAINT ON WIDESPREAD POTENTIAL ILLEGAL SHORT SELLING OF ITS SHARES
Terry Lynch, chief executive officer of Power Nickel Inc. and founder of Save Canadian Mining, and Power Nickel's advisers have prepared and will file in the coming days an official complaint detailing significant and persistent position imbalances for Power Nickel's stock. This troubling imbalance is defined as a broker having an insufficient number of shares in its depository account compared with the number of beneficially owned shares for its customers. This can indicate potential naked short selling and other manipulative actions designed to artificially drive down share prices. Power Nickel is bringing this to the attention of all Canadian investors to make them aware of the non-market factors that have led to the terrible performance of the TSX Venture Exchange despite this being on the whole a robust commodity market.
"The take-away is that it is not remotely normal for our stock market to be so severely depressed. Indeed, it is clear there is something fundamentally wrong with the price action on the TSX-V and indeed all Canadian exchanges. In my volunteer unpaid role as founder of Save Canadian Mining, we have tried to bring this problem to the attention of Canadian politicians and regulators. However, this lobbying effort had no discernible benefit. Nothing was accomplished," commented Mr. Lynch.
Shortly, Power Nickel will file a formal complaint, which should cause CIRO (Canadian Investment Regulatory Organization) and FINRA (Financial Industry Regulatory Authority) to investigate the investment banks it has found which have persistently and consistently maintained significant imbalances of more than 100,000 shares for a minimum period of eight weeks. This imbalance started collectively around three million shares and now stands at over nine million shares on the 80 per cent of the float of Power Nickel's stock that it can obtain information.
With its permission, CDS, DTC, Broadridge, its transfer agent and more provided Power Nickel data to ShareIntel-Shareholder Intelligence Services LLC, which through its patented DRIL-Down process gathers actionable intelligence on behalf of publicly traded companies which engage their services in an effort to uncover suspicious stock trading activity. Over the past 16 weeks alone, more than nine million excess shares of Power Nickel were traded beyond what was likely delivered. According to the top attorney in the space, Wes Christian, the remaining approximately 20 per cent of the float not captured can historically contain even larger imbalances. This persistent gap is costing investors and sabotaging Canada's critical mineral sector.
To learn more about this issue, join Mr. Lynch, mining industry legend Eric Sprott, Mr. Christian and Share Intel chief executive officer David Wenger at the Black Friday, Nov. 24, emergency short selling session.
We seek Safe Harbor.