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An initial public offering filing has been made by a company called Golden Minerals Company, although we would rate this as a quasi-IPO that looks more like a secondary offering and not a full blown IPO. This trades under the ticker of “GDMN” on the Pink Sheets and trades under the ticker “AUM” on the Toronto Stock Exchange. It plans to trade on the NYSE AMEX. No financial terms were given other than a proposed maximum offering of $115,000,000.00 and Dahlman Rose & Company, LLC will serve as the sole book-running manager.
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Posts related to ‘OTC’
Is Carl Icahn Stealing XO? (XOHO, IEP)
XO Holdings, Inc. (OTCBB: XOHO) is not a usual company we’d cover because of the size and because of the Bulletin Board status. But this week we have been getting multiple inquiries about this stock. Usually on OTC stocks about all we see are stocks being touted, but that is not the case here. Carl Icahn is involved in this company as majority holder, and he’s trying to buy the rest of the company that he does not own for $0.55 per share. This is the old XO Communications, the competitive local exchange carrier or CLEC, although that term slowly disappeared over the last decade.
Icahn is of course the Chairman of Icahn Enterprises, L.P. (NYSE: IEP) and has been influential in many mergers. This time he is the buyer rather than a holder trying to command a higher price. It might have been easy for the world to forget about XO, but the company has held its ground in an almost forgotten sub-sector of the telecom sector. After taking a look through the books, it turns out that its business is still generating more than $1.4 billion in annual revenue. But that is not profitable for common holders.
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Rethinking a CIT Gamble… Preferred & Senior Vs. Common (CIT, CIT-PA, CIT-PC, CIT-PZ)
CIT Group, Inc. (NYSE: CIT) is trading no different than a warrant or way out of the money call option at this point. In short, any trading other than a forced sale here is nothing more than a Las Vegas bet. We have seen 275 million shares of common stock trade as of NOON EST and shares are down 70% right around the $0.50 mark. Traders are still buying CIT common stock in hopes that some rescue package from outsiders will come by the close of business tomorrow. Some may still be hoping for an eleventh hour decision by Uncle Sam to give a helping hand even after reports that the government is now not interested in helping. But even traders with the least amount of concern about the entire risk of capital have to know in the back of their mind that if a Chapter 11 filing comes, then those common shares will be worthless. This brings up an interesting notion. If you are going to place a bet, and that is all we consider trading in CIT at this point, then why not consider looking at the preferred shares or even the senior notes? CIT has 3 easy to find publicly traded alternatives to the common shares:
CIT GROUP INC PREFERRED SERIES A (CIT-PA) is the 6.350% NON-CUMULATIVE PREFERRED STOCK, SERIES A has a Par value of $25.00. This was $350 million issued, or 14 million shares. PROSPECTUS
CIT GROUP PREFERRED SERIES C (CIT-PC) are down 80% at $2.41 and have traded 1.2 million shares. This is the 8.75% non-cumulative perpetual preferred shares that have a Par value of $50.00 and were a $575 million issue. PROSPECTUS
CIT GROUP INC EQUITY UNITS (CIT-PZ) are UP 48% at $9.00 on 2.5 million ‘units.’ This was a $1.38 billion issue and are Equity Units with a $25 Par value and and came originally with a 1/40, or 2.5%, undivided beneficial ownership interest in a $1,000 principal amount senior note due November 15, 2015 issued by CIT. PROSPECTUS
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Day Traders & GM Stock: Drag Race To Zero (GMGMQ)
How many bankrupt companies have OTC and Pink Sheet stocks before they disappear for the long haul? Enron, Lehman, Adelphia… General Motors (GMGMQ) is on this list. Some of these stay trading for some time even after the bankruptcies have closed because there is a hope that the paper would have some value in future lawsuits. But ultimately, most die and get thrown into the Abyss.
The ‘NewCo’ GM will stay in operations and there will be a real public offering again, but for now traders and investors have to play the Pink Sheet stock of GMGMQ. And the term “playing” is about as true as it can be in this case.
The question to ask is… WHY WOULD THEY STILL BET ON THIS????
New Beer Public Company: Black Art Beer Importers (BLVI)
There is a new public company that is a specialty beer play, a trend we have seen less and less of in recent years after the roll-ups in the wine and beer industry. Black Art Beer Importers (OTC: BLVI) is now listed as a public company, although this is not a true IPO. This is still pink-sheet listed so it is not going to have one of the longest trading histories.
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Foreign Brands Gone Missing For Investors (NYX, NDAQ, ADDDF, BAESY, AHBIF, LVMHF, NSRGY, NTDOY, RHHBY, LUKOY)
There has been an interesting trend in the globalization movement. The U.S. has seen some major brands and major companies get acquired by foreign public companies, but suddenly U.S. investors have a very hard time in investing in those companies again. The NYSE Euronext, Inc. (NYSE: NYX) and the NASDAQ OMX Group Inc. (NASDAQ: NDAQ) have an opportunity to recruit many of these foreign companies to take on full US listings (again for some of them). We also have many products and goods produced by foreign companies which we in the U.S. consume. Despite most of these companies being public, most U.S. investors cannot easily invest in many of these icons. Most brokers do not even know how to trade them. The Peter Lynch method suggests investing in what you know, yet that notion is not possible in many of these companies for most Americans. This form of globalization may feel like isolation for investors who want to own a piece of their favorite brands.
Throughout this decade, it became commonplace for large companies to stop having full listings in the U.S. One reason was over the disclosure and regulatory rules, while some reasoned that the cost of listing was of little to no benefit to the company. Some of these are at least traded OTC or on the Pink Sheets. That is good or at least a start. Unfortunately, most Americans do not know how to invest in these markets. For that matter, most brokers do not either. Here are just some of the companies which trade OTC or on the Pink Sheets:
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Another Legal Medical Marijuana Company Now Public (GFON, CVIV)
Cannabis Science, Inc. (OTCBB: GFON), or Gulf Onshore, Inc. (GFON), is yet another public stock company which is going after the field of legalized medical marijuana. Just last week the company was called Gulf Onshore and it just changed its name to Cannabis Science, Inc. after acquiring the assets of Cannex Therapeutics LLC about 10 days ago. Last week the company also announced that it had selected its first pharmaceutical cannabis product for FDA testing. It was not even two weeks ago that a company called Medical Marijuana, Inc. (OTC: CVIV) had pursued a similar strategy in coming public after formerly being called Club Vivanet.
Legalized Medical Marijuana Company Now Public Stock, Really (CVIV)
If you thought that the legalized marijuana for medicinal purposes was a controversial, imagine how controversial it would be if a company was public in the sector of legalized marijuana. Forget the “if” in the equation. This week, a small and formerly unknown company called Club Vivanet announced that it is the first public company to enter the legalized, medical marijuana business. The company even changed its name to Medical Marijuana, Inc. While it does not trade on the NYSE nor on the NASDAQ, the stock does trade over-the-counter under the ticker “CVIV” and is listed as Medical Marijuana, Inc. (OTC: CVIV) on the pink sheets.
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SIRIUS vs. Charter: Which Disappears First? (SIRI, CHTR)
Everyone knows about the old $1.00 stock limit for a regular NASDAQ listing. This $1.00 listing requirment rule has been under a moratorium until after the first of the year so that NASDAQ would not have to boot off many of its key component or most active share volume stocks. But many companies are already signaling an intent to conduct a reverse stock split or to take other actions to maintain a stock listing. SIRIUS XM Radio Inc. (NASDAQ: SIRI) and Charter Communications Inc. (NASDAQ: CHTR) are both in the soup with NASDAQ requirements. They are also debt-ridden with severely negative values on a tangible asset basis. These and other issues at hand may make initial listing maintenance steps ultimately irrelevant.
Will Fannie Mae & Freddie Mac Go OTC-BB? (FNM, FRE)
There are many bad things that can go wrong at public companies. Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) have both seen their share of EVERYTHING go wrong.
And the good news for the bad news bears is that there is always more bad news.
Geeks on Call: New ‘Public’ Competitor to Best Buy’s Geek Squad (GOCH, BBY, TKO)
Geeks On Call Holdings, Inc. (OTCBB:GOCH) has completed a merger transaction and the closing of a $3.0 million private placement. There was an SEC filing showing the details of the financing. Trading in the common stock of Geeks On Call Holdings, Inc. began this morning (February 14, 2008) on the Over-The-Counter Bulletin Board under the symbol "GOCH." This has been listed under IPO’s but these OTC stocks that do private placements are traditionally deemed reverse mergers, so this may not have a traditional post-IPO path.
If "Geeks On Call" sounds a lot like Geek Squad out of Best Buy (NYSE: BBY) or FireDog, it is no coincidence. Geeks on Call is not as widely spread out around the country as Geek Squad, and Geeks on Call sells franchise systems rather than operates a subsidiary of the top electronic retailer. Geek Squad also has some 700 locations across the U.S., and has a much larger brand and workforce. We noted ‘Public’ in the headline because OTC stocks that result from a reverse merger like this as a group have little history and a very thin float of public shares and usually trade with wide bid/ask spreads.
There is also a public company on AMEX called Telkonet, Inc, (AMEX: TKO) that beneficially owns 2.4545 million shares of Geeks on Call, or 18.25% of the outstanding stock. Another company called RTC Investments, LLC also owns some 2.777 million shares, or 20.65% of the outstanding stock.
Here are the guts of the company and the offering, and we urge you to conduct your own rigorous due diligence in all OTC stocks and newly emerged ‘public’ companies:
How Investors Should View Honda’s Fuel Cell Car (HMC, F, TM, BLDP, ZAAP)
The promise of fuel cell cars has been a long arduous prospect for investors and for green-tech consumers alike. Last week marked the more official unveiling of Honda Motor’s FCX Clarity, the coming fuel cell car that will be released in the U.S. during the summer of 2008. 24/7 Wall St. wanted to review what this will mean for Honda Motor Co. Ltd. (NYSE:HMC) as far as its stock is concerned.
The truth is that will be phenomenal, but it will not be an investable event until 2009 or later. The reason is that this FCX Clarity is only going to be released on a limited basis in California in summer of 2008 (only to customers currently residing in the Torrance, Santa Monica and Irvine areas who meet additional qualification criteria will be eligible to take an FCX Clarity home) because refueling fuel cells can’t be done just anywhere. Not yet, anyway. The good news is that these will be leased for 3-years for $600/month. The bad news is that it is going to be years and years before this is readily available countrywide and many metro areas do not even know when alternative energy fuel stations will be proposed.
This is exactly why any politician offering the American public a four year fix to our energy problem is selling rhetoric you shouldn’t listen to. It is going to be 2012 to 2016 before the U.S. will see any noticeable difference, and anyone who believes that any full system-wide fix happening before 2020 is probably more optimistic than realistic. You are hearing this from someone who believes that green investing and green businesses are already becoming big business. But there are also financial and logistical realities.
Electric cars and electric scooters are already available from an OTC-Bulletin Board traded company called ZAP! (OTC-BB:ZAAP). Daimler’s (NYSE:DAI) "smart" vehicle is said to be available in 2008, although ZAP has a lawsuit against Daimler.
Toyota (NYSE:TM) has been a huge success with its hybrid offerings. The Prius is for all practical purposes sold out at Toyota dealerships and used car dealers tell us that any Prius gets sold site-unseen and shipped out to California. It was surprising that Toyota even bothered advertising it, as they don’t need to spend the cash.
Ford (NYSE:F) also has hybrids sell out basically as they come on the lot. The hybrid tech is licensed from Toyota. I have test driven a Ford Escape hybrid and was impressed, although the recycled interior is taking it a bit far (after all leather is recycled cow skin, and burping cows emit carbon.. look it up). There are many other hybrid vehicles on the road, but the fuel cell is the ultimate goal with zero-emissions.
Ballard Power (NASDAQ:BLDP) was long thought of as the fuel cell stock play, and this has been a "watch stock" on our alternative energy sector tag on the 24/7 Wall St. site. In fact, I have been covering that stock on and off since 1996 or 1997 when this was just a future technology. But now Ballard has sold off its automotive fuel cell business to Ford and to Daimler AG (NYSE:DAI) in return for its stakes held by both companies. Now Ballard will only focus on fuel cells for the industrial sector usage. It will still develop the bus market, but the future of Ballard in the consumer auto markets will be that of a manufacturing one without the intellectual property. The market gave this one a quick "thumbs up" vote, but shares have come right back down.
Honda’s market cap is currently around $123 Billion, and it is hardly followed by analysts in the U.S. The ADR shares trade under $34.00 today and its 52-week trading range is $31.29 to $40.82. 24/7 Wall St. commends Honda for getting this commercially launched in the U.S., but we caution investors looking to play this for another year or two should be investing in "HMC" only the merits of what cars they offer today rather than their future fuel cell cars for the U.S. consumer.
Jon C. Ogg
November 19, 2007
Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter and can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers. 24/7 Wall St. also publishes "The Business Day in Global Warming" and you can subscribe directly to that on an RSS feed if you are only interested in green investing news by setting your RSS readers to the following link: http://www.247wallst.com/alternative_energy/index.html
Who Is Connect-A-Jet? (CAJT)
There was an interesting new advertiser today that seems like one of the interesting story stocks. Just keep in mind this is OTC/Pink Sheet listed. Connect-a-Jet, or Connectajet.com, has begun a new ’stock and product’ dual advertising campaign. Last week this new and unheard of company called Connect-A-Jet.com, Inc. (CAJT-PINKSHEETS) announced it was initiating a new advertising campaign starting this week. The company is targeting customers and investors alike if you look where it is now advertising: CNBC, CEO Magazine, Forbes Magazine, Aviation Week, Dallas Morning News, Wall Street Journal, In Flight Magazine, as well as many additional Television venues are also under review.
If their business model works the company web site will direct those who want private jet charters to a centralized charter site made up of a myriad of jet and private plane charter operations. According to its stated goal, it will unite all existing worldwide charter operators in the United States to operate under one efficient, real-time, online booking system. Customers across the globe will be able to book charter on every private aircraft in flight which meets their particular travel criteria. CAJT will also coordinate all ground transportation, in-flight catering, and will provide real-time flight tracking 24 hours for passengers convenience.
It announced today that it was pre-contracting charter operators around the globe onto its real-time booking system. For whatever this is worth, the online charter platform just launched, according to its own press releases. It is Austin, TX-based and also just announced that it was listing on the Pink Sheets back on August 23, 2007.
If you review the data on pinksheets.com that is provided as a link from the company’s investor relations web site, this has 155,000,000 shares listed as the outstanding shares. We have learned numerous times that these companies that are on the PINK SHEETS often stay there, although there is no way to know how this one will turn out and we aren’t making any projections or predictions on a new stock without many more pieces of data. It also looks like this was previously a shell company formerly named Source Venture Capital, Inc., although once again you’ll have to do all fact checking on your own in OTC or PINK SHEET stocks.
I did do a brief search for a round trip charter flight from Houston to New York under ‘medium body jets’ although I did not complete the form for obvious reasons. The ‘About Us’ section notes that a lower-scale flight planner is provided on an interim basis; and the company’s real-time booking system has been completed and is estimated to be launched in its entirety by the of December, 2007.
We usually don’t cover OTC and Pink Sheet stocks because of a lack of available data, although it is always interesting to see new companies regardless of our general opinion of OTC and Pink Sheet stocks. Once again, on any OTC or Pink Sheet stocks you should check all data throughly on your own.
Jon C. Ogg
September 4, 2007
Jon Ogg can be reached at jonogg@247wallst.com; he produces the Special Situation Investing Newsletter and he does not own securities in the companies he covers.
Tales From The Bulletin Boards (BFNH, AMNT, OJSY, WYDY) (Sept. 4, 2007)
If you spend a few minutes going through the headlines of OTC-BB and Pink Sheet listed stocks, it becomes evident that investors in that space are on their own. But sometimes there are a few releases that may be noteworthy. We have been asked to cover more of these companies, but our aim is to only cover the OTC status stocks that actually trade some volume and at least have some liquidity. As always, we urge caution and would remind that the OTC-BB and Pink Sheets are areas where investors are most frequently on their own.
Here are a few releases today that involve actual cash or transactions in OTC and Pink Sheet stocks:
BioForce Nanosciences Holdings, Inc. (BFNH-OTCBB) today announced the completion of a financing transaction worth up to $3.45 million. The fixed price transaction involved sales to an institutional investor of Series A 8% Convertible Preferred Stock at $0.50 per share and a series of warrants with exercise prices ranging from $0.50 to $1.25 per share. The placement was managed by TriPoint Global Equities, LLC.
Amish Naturals, Inc. (AMNT-OTCBB), maker of premium organic pastas, today announced that it has executed a securities purchase agreement and closed a private placement transaction with an institutional investor. The terms of the transaction include the issuance of a $6.0 million in a senior secured convertible note accompanied by common stock purchase warrants. This transaction was facilitated by Wharton Capital Partners, a New York City based investment banking firm.
OJsys, Inc. (OJSY-PinkSheets) announced today that it has taken the appropriate steps to become SEC reporting by retaining Mendoza Berger & Company, LLP, a PCAOB-registered accounting firm, to audit OJSY’s financial statements for the years ending December 31, 2005 and December 31, 2006.
Who’s Your Daddy, Inc. (WYDY-OTCBB) signed a letter of intent to acquire substantially all of the assets of King of Energy San Diego, Inc., a distributor based in San Diego that sells the Company’s King of Energy™ drinks to over 700 accounts in stores, bars and restaurants in San Diego County. KOE was founded in early 2007 and has used its full-function warehouse facility to increase revenues to an annualized revenue rate of over $350,000. The assets of KOE will be acquired by sharing 50% of the profit from the operation with the owners of KOE until a total of $100,000 is received by them. The transaction is expected to close in September, following successful due diligence and documentation.
As a reminder, we do not cover most OTC-BB stocks. Most of the companies that are on the Bulletin Board or Pink Sheets seem as though they rarely graduate into fully reporting companies with NASDAQ, AMEX, of NYSE compliance requirements.
Jon C. Ogg
September 4, 2007
Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.
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