HALT in March 2021 if they hit oil....MUST RELEASE NEWSRECO.V cannot sit on material news if they hit oil.
It would be unfair to those who are selling their positions and, a gift for those who are buying.
It would trigger a ton of lawsuits.
Lets say, they hit oil and they just sit on the news for 6 months. I sell the stock in the meantime and, then I find out that they hit the jackpot. I would sue for failure to disclose material news as I would not have sold. It is material news that I should have known prior to making a selling decision.
The regulators will not allow RECO.V to sit on this naterial news.
If this is allowed then what stops all of the other companies from holding material news for years, while friends, family and those they favor load up cheaply while naive investors sell not knowing that they have a winner.
Therefore I see a HALT in MARCH 2021 if drill #1 hits oil as I suspect.
There is a reason why they hired Mark Gerlitz and it is not for his looks. They were probably advised by their lawyers that you cannot sit on material news. Therefore once halt is in the sharks will circulate and the services of a hostile negotiator are needed.
Perhaps the company slowed down the well on purpose to allow cashing in of warrants so that they have more $$$ to fight off a hostile buyout.
All you have to ask yourself is why would Gerlitz hold 500,000 shares or $ 2 million worth of stock???? He surely must have a better idea than just a hint.
MPO