July is finished, in the books, and as we enter into August, one penny stock which caught traders off guard on Wednesday, only to provide them some awesome gains on Thursday, BioNovelus, Inc. (OTC Pink: ONOV) is on watch come Monday. Shares of the startup bio-science company finally exitted their parking space above the 0.15 range were they sat after the switch over from Firstin Wireless Technology, Inc. (OTC:FINW) and the 1-for-750 reverse split in May. Looking a lot like the website SEFE used back in 2012 when it burst onto the scene with a very similar business model, ONOV shares are on watch for what could be the next pump by Mike Statler, aka StockPicks.
Find out what other penny stock traders think about $ONOV here: $ONOV
Per OTCMarkets: a/o Jun 11, 2015
Going back to the origination of the corporate shell, Passioante Pet Inc. was started up in 2010 whereby 10,000,000 of the 19,565,104 shares issued and outstanding were held by founder, CEO John Dunn. On or about October 4, 2011, the Company and Dunn was served with a Complaint that had been filed with the Superior Court of the State of California, County of Orange, Central Justice Center – General Civil, by Bruce Renner and Cathy Renner as Plaintiffs for: (1) Breach of Written Contract; (2) Fraud; (3) Money Had and Received; and (4) Common Counts seeking damages of approximately $166,167 which stemmed from an overdue promissory note for $150,000.
At some point between that and April Fools Day, 2013, Dunn was gone since Renee Galizio was the head named officer and director who resigned to make room for Andre Beauchesne, Claude Beauregard and Robert Desjardins. The group came in with the change over to Firstin Wireless Technology, Inc. after closing a deal to purchase 100% of the outstanding shares of Firstin Wireless Technology, Inc. a Canadian corporation, in exchange for 57,500,000 common shares of FINW stock.
From there it starts to go dark, or PINK, since they filed to suspend SEC filings the following month. In the first FINW report, 79,323 shares were outstanding after the 1-for-250 reverse split completed at the start of 2013 which pretty much wiped out any chances of the S-1 registrants from having a significant impact on share volume. The last supplemental information available, the period ended December 31, 2014, there was loans payable to shareholders and private investor for $126,975 and 86,917,656 shares of FINW out there since 44,687,500 had been issued to pay off debt since the take over.
Well, Firstin Wireless finally threw in the corporate towel after failing to become a dominant player as the “huge international long distance and roaming fees” solution provider, failing to record a single penny in revenues. A 1-for-750 reverse split took place mid-May of this year and then, suddenly on July 23, a PR was released stating that BioNovelus, Inc. took over, issuing 70,000,000 restricted shares of now ONOV stock to BioNovelus (Arizona) shareholders thus making it a wholly owned subsidiary of BioNovelus Inc.
Before you go using that thing in your head to try and figure out how, after a 1-for-750 reverse split of 89 million shares, making the unrestricted OS roughly 116,467 according to OTCMarkets, how did roughly 3 million trade during the final 3 trading sessions of July? Well, as mentioned in the PR, 5 million of the 10 million Preferred Shares Genesis Capital LLC held were to have been returned to the treasury. Now, the only place where any information of a company named Genesis Capital LLC shows up is on a list of marijuana providers, 3rd tier they are classified as, in Washington State. Hmmmmm.
Regardless of the history and how the recent RS doesn’t add up to the old OS, the float is listed as 12,549,086 and no one cares that, on Wednesday, shares of ONOV stock got dumped onto the market to be bought for a massive bounce worth over 250% on Thursday. The company is “about to pass the ‘Quiet Period’, so” maybe it means that the when they “update its shareholders within the next 10 days regarding the new board of directors, officers and management who will take over the current team as part of the conclusion of the announced reverse takeover transaction,” it might already have been leaked via an alert from the most trustworthy pseudonym on the internet: Mike Statler.
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