ProMIS Neurosciences Inc PMN

PIPE latest financing SEC

[FarmerBetsy]

M101/BottomBroker, don't sweat it in defending Promis, taken care of by more than you know....

VERY INTERESTING SEC gov

Do you need shareholder approval for a PIPE?

"Since this offering was a PIPE, the buyers cannot sell their shares until the company files its resale registration statement with the SEC.2 However, an issuer generally cannot sell more than 20% of its outstanding stock at a discount without receiving prior approval from current shareholders." 

[M101]

And why would they want to sell? It's not like they bought on margin, or like any were left empty handed in the queue, despite the 14 million on the buy side July 17.  I don't know how they did it, do you? The question I have now is how long the company waits before announcing the P1 schedule that they've been sitting on all year.   

[FarmerBetsy]

https://www.sec.gov/files/rules/sro/nasdaq/2018/34-84287-ex5.pdf https://www.google.com/search?q=nasdaq+rule+5635&rlz=1C5CHFA_enCA771CA771&oq=Nasdaq+rule+5635&aqs=chrome.0.0i512l2j0i22i30l2j0i10i22i30j0i22i30j0i390i650l4.15904j0j7&sourceid=chrome&ie=UTF-8&safe=active&ssui=on https://securities-law-blog.com/2019/05/14/the-20-rule-private-placements/

[M101]

I don't see any rule violation. he 5-day pricing rule is basically an invitation to manipulate downwards for exactly this sort of outcome. The SEC exists to justify not to prosecute, same as every other 3-letter "regulatory" agency. 

[goldtech]

The amount of shares sold on august 17 was 13 million and that is more than the entire outstanding shares.

[M101]

Yup, first in got first out and everyone else got scrwd that day, like every day. Look at Aug 22, 3.6 million on absolutely no news. I assume some insider started a rumour that the AAIC presentations represented a break through. The market then took off because this is a new toy on Nasdaq, and significant but non-insider holders who knew a financing was imminent then dumped into it

[goldtech]

Whistle blowers are alive and doing well. It is incumbant of every shareholder to complain to the SEC and make the Directors come clean as to who did this massive shorting to get the rich richer.

[M101]

So did your complaint ask the SEC to see if there was a massive naked short position created on that day?  

[G1945V]

Where are you seeing the massive shorting you speak about taking place? G1945V

[FarmerBetsy]

Since they started trading on the Nasdaq more than a year ago under 1 million shares total prior to 07/17, (1.4) million shares. Interesting some folks still trying to question whether any monkey business went on or not. The insiders have just shown what they will do so don't be surprized down the road. Not difficult to see what mpt and directors have done with delays, slopiness in all

[Jumpinjackfast]

Yes , Promis management needs intervention provided by shareholders of this Paycheck Protection Plan Scheme that has really showed its color . Why does management care about shareholders who have been long , first they got your money then they took back your shares and now it's the same repeat wait until the last moment with no news to to arrange a cheap financing to pay there bloated low

[M101]

Farmer, I don't doubt that "monkey business" went on, but since I also believe the SEC works for billionaires there has to be violation highlighted in a complaint before they will even consider investigating.  Naked shorting is illegal and the share volume suggests it might have been employed by certain shareholders in this placement to scrw the rest of us.  So if several

[goldtech]

You are correct M101 and you should if not already ahve done file a complaint with the SEC and let them investigate how you can sell over 13 million shares on one day when there is not even that many outstanding.

[FarmerBetsy]

Correction not 1.4 ( 14 ) milliion shares