Steer Technologies Inc V.ARGH

Huge NEWS.....lockup period extended

[thorgb1]

Key execs voluntarily extend lockup a further 12-24 months. BURN SHORTY. News here:

https://www.businesswire.com/news/home/20210307005059/en/

[deleuze68]

I was never really expecting key executives to sell as they are so emotionally invested that many times they will go down with the ship. The focus has always been on the other 51% that didn't agree to the extension. I can also see this press release doing more harm than good as it now puts the lock up expiration in focus. I wonder if the executives are going to start taking a salary now too.

[deleuze68]

Another interesting element of this release; did Facedrive pretty much telegraph who will be selling shares on March 16th. Co-Founder Imran Khan did not agree to the lock up and he holds 23.58 million shares so 3.5 million of his shares will become free trading March 16th, about 5x daily volume. If he has no plans to sell wouldn't he have agreed to a lock-up, even if only for a portion of

[thorgb1]

There is less then a million coming free trading this month. Your boss has been calling around to every trade desk in the city telling them 10M shares coming out. Another epic squeeze coming.

[Dkcanada]

I have a feeling they are being investigated by the OSC.  No matter what happens with shares being locked up or not this company is wildly overvalued.  End of story.  

[thorgb1]

  You are right they are being investigated by the OSC. And by they, I mean the maggot hedge funds who have a naked short position on FD that's larger then the free trading float and have been promising they would cover on the huge dump on the 16th. That's a Canadian market integrity problem, not a FD problem. I expect another huge short squeeze incoming.....

[deleuze68]

I trust Facedrive's filings more than I do your numbers.  According to the press release today, "All of the Locked-Up Shares belonging to said Key Executives total 46.57 million common shares ("Key Executive Shares") in the Company." From Facedrive's last financials, "As at September 30, 2020, the Company had 85,403,669 Shares subject to contractual lock

[thorgb1]

Yeah, sure you did bud. You been claiming P&D for 6 months, and just a few weeks ago said you couldn't wait until the 16th. So I ask again, how can it be a P&D if there is not any dump? 

[deleuze68]

This is what I wrote February 10th, "It's not just insiders. 13.5 million shares will be released from lock up on March 16th. Insiders own about 65% so even if they don't sell that's still 4.7 million shares, or more than 10x the daily volume, that will almost guarantee be dumped. One of the shareholders is currently suing Facedrive because he didn't agree to the lock up and

[thorgb1]

Got it. So the insiders who are locked up are running a pump and dump to benefit others and, in your words will "go down with the ship"?? Geez, they must be super nice guys to do that. I fully expected the hedge fund shorties to be out in full force this AM to try to put as negative spin on share lockup, but dang it that's just dumb.

[deleuze68]

Still waiting on your math . . .

[Dkcanada]

Also remember that there are indirect companies owned by Sayan that can sell and others who have received shares.  A company called Malar group owns 22M shares.  Google Malar and there team (sayan is the key executive)

[thorgb1]

Did you read the release? All Sayan's shares, direct and indirect, are locked up for another 2 years.