We did see a little more red as it was trading at .06 most of the day. One trade at .07 took out NITE somehow and now there are 3 MMs on the ask for .09. I'm not sure if PCLI can hold this tomorrow, we shall see.
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EFGO got some news and regained their bid and even closed at .0002.
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MonArc Corporation (MonArc (EFGO.PK - new ticker symbol pending)) Announces Date of Record for Special Share Dividend
Tuesday January 29, 6:00 am ET
With the pending close of the sale of MonArc assets to the League Publishing, Inc. (TLGP), the company has been advised that a new ticker symbol for TLGP is also anticipated in February.
As previously disclosed, MonArc is also in the process of completing a reverse split of 1 share of MonArc being issued for every 1,000 shares of EFGO held. As an extra deterrent to short selling, all of the shares of EFGO will be cancelled, and new certificates issued on proof of beneficial ownership of EFGO shares prior to the new MonArc shares being issued.
All MonArc Corporation shareholders on the date of record (post-reverse split) will be entitled to receive the special dividend from TLGP (under its new ticker symbol).
As an example, a shareholder with 1 million shares of EFGO as at the closing bell on Friday, February 1st, will receive the following;
- 1,000 shares of MonArc Corporation
- 1,000 shares of TLGP (under the new corporate name and ticker symbol).
Outgoing MonArc CEO Garr Winters noted; "Given the recent trading range of both stocks, we feel that our shareholders will receive a significant increase in the value of their shareholdings. We believe these transactions will finally allow the stocks to reflect a reasonable market capitalization that reflect current and anticipated financial performance and growth of the Good Life China and Esprit Financial Group assets being acquired by TLGP".
As previously noted on the Town Hall site, the Company expects to receive its new ticker symbol on February 8th, and should start to be quoted under the new symbol on the week of Monday, February 11th.