Well, OPHC managment bought shares at 0.30 cents or $1.20 post split...that says a lot about managements confidence in the company!
Material Modification to Rights of Security Holders, Financial State
Item 3.03 Material Modification to Rights of Security Holders.
On May 31, 2013, the Company completed its previously announced reverse stock split of its common stock. The reverse stock split, which was authorized by its Board of Directors, was approved by the Company's shareholders on April 30, 2013 at the annual meeting of shareholders.
In the reverse split, every four shares of common stock issued and outstanding at the close of business on May 31, 2013 were converted into one share of common stock. Fractional shares resulting from the reverse stock split were rounded up to the next whole share.
The number of shares of the Company's common stock issued and outstanding were reduced from approximately 31,511,201 shares of common stock as of May 31, 2013 to approximately 7,877,800 shares outstanding post split. The reverse split also had a proportionate effect on all stock options outstanding as of May 31, 2013.
The Company filed an amendment to its Articles of Incorporation to effect the Reverse Stock Split. The amendment did not change the number of authorized shares of common stock or preferred stock, or the relative voting power of the Company's shareholders. Because the number of authorized shares was not reduced, the number of authorized but unissued shares of the Company's common stock materially increased and will be available for issuance by the Company.
Item 9.01. Financial Statements and Exhibits.
"As I have always stated, at Renren we take a long-term view in building our business. We also recognize we are at a strategic junction to becoming a true mobile company. The mobile internet is rapidly evolving and we are discovering large opportunities in front of us, but the window for these opportunities is short. Now is a critical time to secure our position in the giant social messaging service space, while also expanding our existing platform and eco-system of services," Mr. Chen continued.
"In the coming quarters we will look to add resources to our mobile gaming and social commerce businesses, where we plan to make strong advances based on opportunities we are seeing. Meanwhile, we'll continue to prepare the stage for mobile advertising, which has a longer-term return on investment, as well as other potential mobile monetization models," added Hui Huang, Renren's Chief Financial Officer.
They have announced the reverse split, it will be 4 to 1. Shareholders will receive 1 new share for every 4 they currently have.
FB not allow to own more than 20-25% due to foreign ownership restrictions...could be a joint effort between the two!
Stop blaming your neighbor if you are getting rapped at home. American brokers and bankers brought, sold and laughed all the way to the bank....not much different than the subprime debacle USA created and screwed everyone in america....