Price raised to $.25/share
On Feb. 8, 2021, we filed a new preliminary offering circular with the SEC. When qualified, it’ll change from being preliminary to being effective. It’ll reflect whatever questions or observations the SEC might have had with our submission. Most importantly, we will be able to continue offering our members the ground breaking opportunity to earn a publicly-traded stock for using iConsumer.
There are at least two things of significance in this offering.
First, we’ve raised the price at which we sell our stock to investors to $.25/share. Currently, it is $.18/share. The price at which we sell stock is not connected to the price at which our stock trades on the stock market (currently $.149/share). It governs the price you pay if you were to buy stock from us directly, and the price at which we calculate how much stock you get when you shop and are rewarded with our stock.
Changing the offering price more than 20% up or down is very hard to do. We ARE more easily able to adjust the number of shares we award for activities to adjust for differences between the market price and our offering price. (Double stock back, for instance.)
Timing is everything
The second thing this filing hopefully does for us is to change the timing of submissions. Historically, we needed to have a “new” offering qualified by the SEC by the middle of June. If we missed that deadline, we wouldn’t have a currently qualified offering, which would mean we couldn’t award you stock. That would be a bad day.
Since the required financial statements that we had to include in the “new” offering weren’t ever going to be ready before the last week of April, that gave us, our lawyers, and the SEC precious little time to go through the process of qualification.
Working with the SEC (we’ve previously mentioned how they’ve been very supportive of what we’re doing) our lawyers figured out how to take some of the pressure off this process. In theory, it’ll be even easier next year. “Easier” directly translates into cheaper; good for everybody except the lawyers and accountants (but they’ll be ok). It doesn’t sacrifice one of the great things about iConsumer – you’re getting a chance to participate in a federally regulated process, with regularly audited financial statements and other disclosures that place us head and shoulders above the crowd.
There’s still a deadline and a drop dead date
It’s not all peaches and cream. If we didn’t do a good enough job and the SEC doesn’t qualify us by March 31, 2021, we’re back on the old timetable. We don’t want that!
What else to expect
The SEC will give us comments (if there are any, we’ll reply to them), they’ll comment again, we’ll reply again and this will go until the SEC is satisfied with our submission. Again, hopefully before March 31.
After that, we have our 1-K form due by April 30, 2021 (our full year audited financial statements).
As always, you can these filings organized here.
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