Interesting developments have taken place the last couple of days. Additional updates have taken place on the OTC Markets site. Additional work from @ElGUAPO_1976 and #pinkysout on Buyback, Share Reduction, and Regulation M. Finally, @turnkeyapps was kind enough to share the Delaware documents, including the Articles of Incorporation in Delaware for TGGI.
OTC Markets Update
TGGI closed today at $0.0076, up 8.5%. Being PINK current definitely works in TGGI's favor compared to many of the stocks no longer trading on TD Ameritrade, E*TRADE, Schwab, etc.
However, the big change came in the Financial Reporting section. OTC Markets has updated TGGI's profile to reflect Audited Financials. As we discussed in Issue 2, Audited Financials are not required for OTC companies and has many speculating about what's next for Trans Global Group, Inc. Uplist to OTCQB? NASDAQ? Snowball X?
Buyback, Share Reduction, Regulation M
El Guapo, Trey J, C. Riley, and Dr. RR have proposed a new theory on the share and float reduction, share allocation, and when TGGI would be required to formally announce the action via 8-K or other SEC filings.
Paraphrasing, since TGGI is still technically a Shell, they are not required to report any of the information until fully merged. Expect to see Jiacheng Tang on the Q3 report in October, but the full extent of share reductions may not be known until the merger is complete.
TGGI Think Tank #pinkysout
Privately Negotiated Repurchases
Change of Registered Agent, 11/20/2020
Certificate of Incorporation, 09/18/2017
Certificate of Amendment, 09/24/2020
This is important because it provides a clear timeline for transition from former President Matt Dwyer, to the current team with Chen Ren, Jiacheng Tang, and Dennis Tan. This document also creates the Series B Preferred Shares, $1 par value. I expect to see interpretations of this document in the coming days from those more legally inclined than our team here at TOI.