File a complaint with BCSC (complaint link inside)As shareholders we are not going to get ripped off from this transaction, the payout ratio should be 75% to Poda and, 25% to Ryan.
We have rights and if we all lodge a complaint with the regulators whom are reviewing this transaction, they will listen to your concerns,
Points of dispute:
- Poda assigned a patent to inventors (from Sedar filings) for about $ 146,000 which was then sold by the inventors for $ 45 million. This is related party transaction and was not done at fair market value. Patent was priceless to Poda and we should get a good chunk of teh $ 45 million USD amount. Management knew of the value of the patent when it was assigned.
- Poda developped Intellectual property and holds patents on heat and not burn devices, manufacturing, trademarks, so payout ratio is incorrect, it should be 75% Poda and 25% Inventors. Poda is also entitled to a recovery of cost from the inventors as they paid for the intellectual property of which inventors are benefitting.
- Poda perpentual license to sell heat and not burn technology was cancelled without shareholder approval, this license for distribution is worth BILLIONS of dollars. Management enriched themselves and imporvished the shareholders by giving away our license..
- Legal bills for sale may not have been paid by the inventors on this sale and, Poda needs to be reimbursed, it may be in the millions of dollars.
- Cash funds discrepancy, the company had $ 14 million in funds on November 2021, spent $ 3.45 millino on Eson acquisitioin and, say $ 3 million on operations for 6 months, we are still missing $ 8 million that is unaccounted for and belongs to its shareholders and must be distributed.
- Warrant holders of 25,950,000 warrantsexercisable at 10 cents each and, option holders 3,800,000 at 16 cents each, are going to excercise their warrants and options by June 22, 2022, this amount of $ 3,5 million is going to go Poda and, should be distributed to the shareholders. It is not at this moment.
- Management said that there will be $ 70 million in the bank account which will be distributed to shareholdrs at 40 cents Cdn, which means $ 52 million will be distributed (130 million shares totally diluted* 40 cents each). That leaves $ 28 million in Poda in which the company said it would distribute and is not doing so. It could be a press relaese error that the distribution is really 40 cents USD, then it would balance. Press release needs to be corrected.
- Purchase price of $ 100,500,000 USD does not value Heat and Not Burn Technology properly, it should be closer to $ 300,000,000 USD. Shareholder rights are not being protected.
This is where you can lodge your COMPLAINT, fill the form (if many of us complain, they will listen)
https://ca.research.net/r/bcsc-complaint-form
My personal opinion,