I could use some outside opinions on this because the reddit page dedicated to this stock seems to be controlled by the owner of the company and I'm concerned that any sort of negative comments might be getting removed.
As far as I know, here are the details of this merger.
They sold shares at:
A preferred: 1.4¢/share for a total of $90k
A-1 preferred: 7.9¢/share for a total of $60k
Common stock: 80¢/share for a total of $10M
Now, they're merging with FC Merger at a conversion from 80¢/share to the $10/share (although this is yet to be determined).
Anyone who bought in at their IPO prices will slowly be allowed to trade their shares. If the price hits $20/share for 20 days or more (doesn't have to be consecutive), then anyone can sell. The CEO, who controls 99% of all shares, and is also locked in to the same plan as we are.
My understanding is that over the course of time a portion of the initial shares will become common stock and then can be sold at whatever price they're currently at.
https://www.sec.gov/Archives/edgar/data/1816937/000109690622002269/box\_1apos.htm#RF
I would love to hear anyone's opinions on this.