ProMIS Neurosciences Inc PMN

Series 1 Shares - 70million Consolidable or not

[Lynx9]

Question for the more astute on the PMS board?

With the recent stock consolidation we know that all Shares, Warrants and Options listed in the financials (431m S, 144m W&O) will be supject to the 60 to 1 ratio. This leaving less than 10 million shares including warrants and options.

My question is from the news release regarding the Series 1 preferred shares announced but not yet issued.

"Series 1 Shares are convertible at the option of the holder, in a 1:1 ratio, into the Company’s Common Shares (“Common Shares”). All outstanding Series 1 Shares shall automatically convert into Common Shares, at the effective conversion rate, upon the closing of one or more sales of equity securities resulting in at least US$30 million of gross proceeds to the Company."

It would seem, atleast the way I'm reading this, is that these 70 million shares may not be subject to the 60 - 1 consolidation! 

What would be your take on this?

Any individuals (RC) with connections for a quick enquiry on these series 1 shares to put to rest my speculation on this trickery?

[bball67]

I will take a shot at your question. There will be no trickery. Let's say in November 2022, Promis decides to raise $30M new equity in a secondary offering to fund clinical trials and operations etc. let's say the offering is at $20 per share US. The Boston Group of invididuals have $20,000,000 of debt remaining, assuming no interest has been declared. Their debt must be converted into

[FarmerBetty]

I think BBall has the inside track and it all adds up now. Never mind the company talking about money well into next year, that is why the stock is at 5 year lows with all the diverted attention to the Nasdaq.

[Lynx9]

Common Shares vrs Series 1 Preferred Shares Thanks bball67, but as I was reading your reply talking about common shares I realized that the 70 million are not common but Series 1 Preferred Shares which are not subject to the reverse split.  "Directors has approved a 1-for-60 reverse share split (the “Reverse Split”), of the Company's issued and outstanding common shares. (First

[FarmerBetty]

Look at PWC audit report in Sedar this March 17, 2022, Page 2 or 3 KEY AUDIT FINDINGS. Assessing the valuation of convertible debentures?  The auditors questioned and had issues with this which they noted, the fix is in?

[G1945V]

The "fix is in" comment is yours, not the auditors. Why don't you explain what fix you are talking about. You always talk in riddles just to create confusion. That is something we don't need right now. jmo G1945V

[FarmerBetty]

More control going to the Boston group, The fix!!

[M101]

Yes that's the point, it's fixing the problem of control by clowns.

[G1945V]

The Boston Group converted debentures to Preferred shares. Preferred shares have no voting rights. G1945V

[bball67]

Mole and Farmer, I can confirm that there are two men dressed and acting like clowns at the corporate headquarters. They were staring at a giant curtain at the front of the auditorium. There was a giant crystal ball on a table. I was told the Boston Group wizard was behind the curtain. He began shouting orders to the clowns and employees, "the fix is in" and "steal more shares"

[M101]

You with the dream and RC with the astrology, I'll consult my new issue of Awake! and get back to you.

[FarmerBetty]

OTC Market toda 1563 share traded a smashing day. An enthusiastic investment community with Eugene buying of 600 into that volume. BBall summed it up on June 16 th, we have our deal the Boston group. They have deep pockets and one of them on a nearly daily business with Promis to ensure progress toward the goals. The shares are going to be shrunk by a factor of 60, less supply. Not sure why we

[retiredcop]

So who are investors? Are they people that put in their money to finance directly into the company coffers or people who buy shares from other people ...I fall into the second category...I have never contributed to the company directly...so am I an investor and being in this category , how are the Boston group going to push me out of opportunity of making money when they want the stock to go up as

[azzymaa]

retiredcop you better be telling the truth about promis listing on the nasdaq on Jul-05. If it does, then we will see an increase in sp, once I hit 10 cad I am out. 

[FarmerBetty]