Shareholders SCAMMED 900,000 shares issued at $2 SCAM SCAM SCAM
Not worth Even a $1 a share!
what a scam; looks like yet another PUMP and DUMP scam with plenty of Bag Holders to go around.
How come the SEC doesn't put these criminals behind bars??
Unregistered Sale of Equity Securities
Item 3.02. Unregistered Sales of Equity Securities.
On January 7, 2013 and January 8, 2013, CombiMatrix Corporation (the "Company") issued (i) an aggregate of 450,609 shares of common stock to accredited investors upon such investors' successive conversions of an aggregate of $901,006.72 of the stated value of the Company's Series A 6% Convertible Preferred Stock (the "Series A Stock"); (ii) an aggregate of 21,790 shares of common stock to such investors as make-whole dividend payments thereon in satisfaction of the aggregate amount of $95,716.01 in make-whole dividend payments under the Certificate of Designation of Preferences, Rights and Limitations of Series A 6% Convertible Preferred Stock of the Company (the "Certifcate of Designation"); and (iii) an aggregate of 205 shares of common stock to such investors as dividends accrued from January 1, 2013 through the date of conversion on the Series A Stock due under the Certificate of Designation. In connection with the above-described conversions, the investors waived the conditions set forth in the Certificate of Designation relating to the dividend and make-whole dividend payments on the shares of Series A Stock being converted such that the dividend and make-whole dividend payments could be made by the Company in shares of common stock in accordance with the terms of the Certificate of Designation. As a result of the issuances on January 7, 2013, the Company has issued more than 5% of its outstanding shares of common stock in unregistered transactions in the aggregate since the last report that it filed under Item 3.02 with the Securities and Exchange Commission. After the above-described issuances, the Company has 1,987,901 shares of common stock issued and outstanding.
The above-described issuances have been determined to be exempt from registration under the Securities Act of 1933 in reliance on Sections 3(a)(9) and 4(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder, as transactions by an issuer not involving a public offering, in which the investors are accredited and have acquired the securities for investment purposes only and not with a view to or for sale in connection with any distribution thereof.