iConsumer (RWRDP) is Now Live on the OTC Market

By: Robert Grosshandler | February 20, 2018

Our stock can now be bought and sold via the OTC market, just like any other low priced stock.  You can Google it and see the prices at which people are willing to buy and sell.  This journey has taken us almost three years to accomplish.  Of course, that doesn’t mean we’re done, or that it’s easy, or that our stock price will go up.  It does mean that it’s an even better time for our shareholders to help grow the company by shopping through iConsumer and by referring friends using our $5 and 5% for life offer.

Last week, the next to last piece of the “being public” effort happened.  The Depository Trust Company deemed our stock (OTCQB: RWRDP) DTC eligible, which enabled the electronic transfer of shares between buyers and sellers. 

Now it’s up to the market

The next phase of the journey belongs to the market.  And you are part of the market.  The more people looking to buy our stock (by making a bid) the better, especially right now when it’s still challenging to buy or sell. I can’t tell people to go buy our stock, that’s not allowed.  I can certainly explain what happens and why it’s good for iConsumer if people bid to buy our stock.

Here’s my first disclaimer:  I DO NOT KNOW if the price of our stock will go up or down.  Of course, as a founder I want it to go up.  Buying iConsumer stock is very risky.  

More people trying to buy our stock, even if they’re unsuccessful because their bid is too low to entice sellers, helps raise the profile of iConsumer in the stock trading community.  The higher the profile, the easier it will be to get brokerage firms to accept a deposit of stock from our shareholders.  And the more willing those shareholders will be to make that deposit, even though it’s still challenging.

We are unique.  The 99%, ordinary people, are building iConsumer together, and owning iConsumer together.  Crowd built and crowd owned.  The financial system wasn’t set up for this, so we’re also learning together.  Over 2,600 shareholders of record, and 50,000 more just waiting in the wings.  Raising iConsumer’s profile together so the system does change.

It’s still way too hard to sell and we’re working night and day on that

A quick recap.  You are legally allowed to sell our stock that’s been issued to you.  That is, stock that is on the books of the transfer agent – Issuer Direct.  We currently can’t issue more stock until and if the SEC qualifies our offering.  You could sell your issued stock IF you can find a buyer.  The stock market (the OTC market) exists to make it easier to find a buyer.  To use the OTC market, you must deposit your stock with a stockbroker (like TD Ameritrade or Ally).  That is, you must transfer it from the transfer agent’s books to the books of the stockbroker.  Most stockbrokers aren’t willing to accept deposits of our stock (yet) from small shareholders.  The transfer agent wants to charge fees that make sense if you have 10,000 shares of stock, but not if you have 100 shares of stock.

NOTE (as of 3/5/2018): We have solved the above issue.  Please see our Knowledge Base article.

How do I try to buy iConsumer stock?

I think it might also be fun to try to buy our stock.  You’ll learn lots, and because our stock is very low priced (they call it a penny stock for a reason, because it’s currently priced less than $1) if you do buy it, you don’t have to risk much.  Using a broker like Robinhood, Betterment, or TD Ameritrade typically costs less than $10 per trade.

Get an account, and see what making a bid for RWRDP might require.  See what happens.  Low bids mean the likelihood of your actually buying something is lower.  Bidding high means the likelihood you’ll actually buy something goes up.

Second disclaimer:  Just because you make a bid doesn’t mean the stock price will go up or down.  Making a bid doesn’t guarantee you’ll be able to buy the stock.  And if you buy the stock, you may or may not make money.

One of the challenges for our stock is currently, and will be for some time to come, liquidity.  That is, we’re not going to have a lot of willing buyers and sellers to make it easy to buy or sell our stock.

The $1,000,000 Question – How Do I Sell My iConsumer Stock?

NOTE (as of 3/5/2018): We have solved the following issue.  Please see our Knowledge Base article.

The following is now out of date.

The sad truth right now is that unless you have “lots” of iConsumer stock that’s been issued to you (that is, it is on the books of the transfer agent, Issuer Direct), the costs and hassle of depositing your stock into a brokerage account are pretty high.  We’re working very hard on changing that, but so far, we aren’t in a position to report progress.  I don’t have an exact definition of “lots”.  But 100 shares of our stock is not a lot, yet.  It may cost (and we’re working on this, too) as much as $25 in fees to Issuer Direct.  And your brokerage firm may want to charge you, as well.

If you have an existing relationship with a stock broker, and you have thousands of our shares, then it may make sense for you to look into depositing your stock from Issuer Direct to your stock broker.

The biggest hurdle is finding a brokerage that wants to accept a deposit of our penny stock.  iConsumer has no public trading record yet, we weren’t backed by some fancy pants Wall Street firm, and we’re still very small.  We’re working with some of our biggest investors and their brokerage firms to start the ball rolling.  Having people wanting to buy our stock also helps to get that ball rolling.

Here’s an article that helps to explain the process.

The $500,000 Question – SEC Qualification?

We are unable to issue and transfer stock that you earn until we have a “Qualified” Offering.  We submitted our offering to the SEC last month.  They have a timetable, they’ve been keeping to the timetable, and they’ve been clear and concise when they’ve asked questions about our previous offerings.  While we don’t control the process, it is very possible that we’ll have a qualified offering by the end of February.

Stay tuned for more exciting news from iConsumer.  Thanks for being on this journey as together, we change the faces of Wall Street.

 

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1 Comment

SamB, March 5, 2018 at 1:27 pm

Is this truly happening? Or just a proposal? As seen by these comments, this is an essential otc solution. Who can we contact to combat this ruling?


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