Why MGT Was Delisted from NYSE-AMEX
First you have to begin by asking what business operations does MGTI currently have? Second you need to question why they aren’t telling you the truth.
Note: MGT / MGTI refer to Ticker symbols from MGT Capital Investments Inc.
Future business plans don’t count. So a press release about a product that might go to market 6 months down the road is not a current business operation.
Proposed (but not closed) acquisitions don’t count. So anything having to do with D-Vasive or Demonsaw do not count since as of now MGTI currently still doesn’t own those products / businesses. Despite all the misleading information that MGT and its representatives have spread over the past 6 months about MGT’s involvement in those products, the fact is those products do not have anything to do with MGTI until a merger/acquisition is officially completed.
Operations mentioned in press releases and tweets but not in SEC filings do not count. So far MGTI has yet to mention their alleged bitcoin operations in any SEC filings putting their very existence in doubt.
Bottom line is that the NYSE has minimal listing requirements for companies to trade on the NYSE exchange. MGTI no longer meets those requirements since they sold off their draftday.com business back in September 2015 to FNCX (months prior to John McAfee involvement).
It’s also when MGT sold off its main money making operations in the fall of 2015 that Barry Honig entered the picture on MGTI turning MGTI into a Pump & Dump. The NYSE referenced how MGTI sold off its business operations and that’s a fact. They did. The draftday.com business brought in more than $1,000,000 over the last 12 months that MGTI owned it. After it was sold MGTI’s revenues dwindled down to $0 as of their last 10Q.
That last 10Q tells you all you need to know about why MGT got booted off the NYSE.
MGT has been run like nothing but a Pump & Dump since May. MGT hired John McAfee to pump the stock price which he did very well on twitter. MGT hired paid promoters like Stockbeast.com to pump the stock price. MGT used misleading forward looking statements and forward looking promises in all of their press releases to help pump the stock price. MGT was all about promotion and nothing about current business operations. The NYSE doesn’t like such obvious stock promotions trading on their Exchange. The only thing surprising about the delisting news is how long it took the NYSE to finally give MGT the boot.
Tiffany Madison has been whining about how the NYSE unfairly screwed MGTI, but she is a smart enough person to understand the situation. All she is doing is what John McAfee and her have been doing since they entered the picture after John McAfee was hired by MGTI (disguised as a consulting contract) to promote the stock. She is twisting every situation, bending the truth, and saying anything possible to dupe people into buying and holding the stock. It’s really a shame that she is all over twitter and Stock Twits and any place possible making her face the face of this MGTI disaster.
I think that things are only going to get worse for MGTI and it’s a shame to see her throwing a promising career away on John McAfee and the biggest Pump & Dump scam to hit the NYSE in recent history.
I believe that John McAfee, his pumping crew, and the MGT management knew about the NYSE issues with the share exchange weeks in advance of them telling investors that the NYSE wouldn’t approve the deal. I think the only reason they finally spilled the beans was because of the SEC Subpoena. They kept that information hidden from the MGTI investors for weeks allowing them to believe it was a sure thing / done deal. They have misled investors by putting products they don’t own yet on the MGT website and by constantly calling John McAfee the CEO and Executive Chairman despite the deal not closing. Even after MGTI finally came out and admitted that the proposed deal from May was terminated, MGTI still continued to manipulate the situation by keeping those products on the MGTI website, using social media to connect D-Vasive and Demonsaw to MGTI in any way possible, and by sugar coating the merger termination news with promises that the deal will someday happen.
All the forward looking statements, forward looking promises / pumping, and chase the carrot tactics that have been used on this stock since May are straight out of the dirty penny stock handbook. What makes things worse here is that this Pump & Dump duped many people that have probably never traded stocks before by using the McAfee name and the Libertarian Party connections. They have caused a lot of unsophisticated naive investors to suffer great losses because of all the misleading statements and hidden facts.
As far as the NYSE disallowing the D-Vasive / Demonsaw share exchange agreement, It’s pretty simple to understand. MGT no longer met the NYSE listing requirements at the time of the proposed D-Vasive / Demonsaw share exchange, those D-Vasive / Demonsaw business operations being merged into the MGT shell through the share exchange would have to bring in the business operations necessary to meet the NYSE initial listing requirements for the NYSE to approve those shares to be listed on the exchange.
Despite MGT representatives pumping D-Vasive / Demonsaw as multi-billionaire companies, the fact is D-Vasive and Demonsaw have nominal revenues (very little revenues) in their histories and bring almost nothing to the MGT balance sheet. Definitely not even close to enough operations to help MGT meet the NYSE listing requirements necessary for the share exchange to be approved.
Don’t believe that D-Vasive has almost no revenues in its history? Review the proxy submitted shortly after the proposed merger:
D-Vasive had $10,000 revenues total in its history at the time of the proposed acquisition in May. That is laughable and it should surprise nobody that the NYSE wouldn’t approve that deal.
MGTI and the people running this ticker are finally where they belong — in the dirty penny stock world. McAfee, Madison, Ladd, and everybody else involved in MGTI will fit in much better down in the dirty penny stock world especially since they have been playing dirty penny stock tricks on investors for the past several months already.