Shortly after that, the price took a slow but steady course down. Yesterday, it hit levels not seen since January. After a 23.03% drop on 18 million shares, MRNJ closed at $0.0127.
The accelerated drop started after the company released its 10-K. Although it shows growth in revenue, the report seems to have raised some questions about who owns MRNJ, and “who gets to authorize more shares…”
The report states that the director and the officers as a group own barely 4.7% of the company. Additionally, they are the only people mentioned in the Beneficial Owners part of the document. The question about who gets to authorize more shares, however, is answered by the note below the table. “Joe Riehl owns one share of Series “A” Preferred Stock, and accordingly is able to control any vote of the shareholders…”[BANNER]
Today’s session started a bit slow for MRNJ, and at this time it is not yet clear where it will end. It is clear, however, that some shareholders are not sure what exactly is going on with the company. Whether the management will answer, remains to be seen.
