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Ehoey, I contacted Vincent Capone and received a quick response from him. Medjed received a quick response from him, too, and you can see some of VC 's comments on Medjed's message dated 14 October.
I've told HL to expect legal proceedings shortly and will be seeking legal advice on the matter. Will keep all updated.
I'm doubtful I'll even see my shares again at this rate. Our shares have clearly been naked shorted and basically aren't there to issue at the price promised. Why brokers aren't protecting its investors better is beyond a joke. There is surely a third part Ombudsman that can look into this for us...
Has anyone contacted Vincent Capone about what is going on with the share price.
We all seem to be in agreement with what has happened with our shareholding over the past 5+ weeks. What constructive action can we take because we do not seem to be getting anywhere with our comments and contact with various brokers? Unfortunately, I do not have funds, currently, available nor the ability to do much myself.
I look forward to reading your suggestioons.
I share your astonishment at what has been allowed to occur here Ollie.
Remember that supposedly responsible parties signed off on this deal. The terms of the deal have not been met at any point as far as I can tell which you would think opens the door to a potential legal challenge from any party with enough grit and determination to follow through. Brokers also have a duty of care to protect holders and do what is best for their clients which has not happened either, not to mention the behaviour of the board itself.
It would be the ultimate tragedy if shareholders were expected to shoulder the brunt of the damage brought about by such a blatant disregard to reasonable business practices and market etiquette.
What has happened here is beyond being just a bit naughty in my honest opinion and as you say Ollie, it deserves serious investigation by the authorities at the very least.
Definitely!
Look at this now, instead of delivering our shares they are shorting them down even more!
Totally disgusting!
We need to report this to the authorities as we've all be swindled here. Absolutely mad.
I spoke to Interactive Investor yesterday who are well aware of the delay and are giving high priority to the matter so they say. Most of us seem to be in the same boat as it were and I feel that there is little that we can do except wait patiently and hope for a satisfactory conclusion in the near future.
As of today no shares in my Interactive Investor account - so if things are moving its at a dismally slow rate which in fairness we should have been warned about.
Yes I got the same reply from AJ Bell
HL, Aj Bell also haven’t transferred yet.
It’s all to do with the transfer into Crest.
Sounds like obfuscating waffle to me. They are probably busy doing something dodgy with your shares and are not ready to give them to you now.
It is clear to me now I made a mistake choosing IG. I only opened it to buy SMD anyway. The more honest dealers have delivered their MDAI shares to SMD holders, the dodgy ones are still playing.
I have finally received the US share. As mentioned by my broker, holders have received 0.0969928 Spectral AI Inc (MDAI US) in exchange for every 1 existing share held in SMD. As a practical example, I had 50,000 shares in SMD, which I bought at around 43p ie invested approx £21k. I have now 4,849 MDAI US shares which at approx $2.86 = $26,170 or £ 11,425 ie down 55% or so on my purchase. Clearly, unless my computations are incorrect, the massive additional gain expected on the conversion into US shares has not happened. You win some and you loose some, will hold what I have as not in a hurry and still think with the AI furore MDAI US should go much higher over time. Time will tell DYOR
Update on your t/f of shares to Crest.
The shares you hold have been received in direct registration store. DRS. format and in order to make them tradable in crest we need to complete a series of complex steps.
One of these crucial steps involves transferring your shares to our global custodian HSBC who will facilitate the t/f to Crest.
We are unable to provide an exact timeline for finalisation. The intricacies of the process and involvement of many parties can lead to delays.
I’m trying not to be cynical but my gut says patronising waffle
I posted a post on here couple of weeks ago about how it’s citadel who are responsible for naked shorts and they have history of being fined for naked shorting and are connected to citi group and now it’s funny that IG still haven’t come up with the shares and Lloyds gave me mine 2 weeks ago…
Yes, yes I do! They are all at it. They don't make money by ignoring opportunities big or small. Especially when they are allowed to do it in the name of creating liquidity in illiquid stocks.
Plus the biggest ones like Citi are the most crooked of them all.
Tell me your hypothesis about why they (Citi and other brokers) can't deliver the shares which they are holding, since the Continental Stock Transfer and Trust Company (acting on behalf of MDAI) has released the shares to all brokers, presumably some time ago.
Medjed, so you think one of the largest US banks is participating in an illegal scheme to deprive you of your shares.
I think they may have bigger fish to fry!!
It’s up 5% pre market be interesting to see if there’s high volume today as they start buying the shares back that they owe…
I had a live chat with a IG help desk agent today. I confronted them with Vincent Capone's email and Continental Stock Transfer and Trust Company email that there is no delay at their end.
IG's response is:
"In regard to SMD, since we (and broker) were encountering delay on receiving information from SMD, we faced a delay on the event.
Now we have finally received the information and instructions for booking SMD, however, with Citi we’re having some issues on completing the bookings.
Our CA desk has raised this case as high priority to complete and we’re checking with Citi actively on the settlement."
So reading between the lines here, I think what has happened is that Citi have naked shorted the shares, and now can't give them, or are conspiring with other brokers and MMs protecting them by not giving the shares to rightful owners.
I think they may have got themselves into a catch-22. If they naked shorted more shares than are in public float, they have more shares to return than they can buy back so are unable to release all SMD MDAI shares all at once.
The ones who are losing out in all this are the SMD holders, as they are the ones whose shares are fail to deliver whilst the MMs and brokers play their game.
I hope this isn't going to drag on much longer.
My replies were virtually identical to those received by Medjed. For what it is worth maybe I shall contact Ii this week asking why the delay in receiving the shares and when they can be expected.
What replies did you receive?
I emailed both addressed and received a reply from both on the same day, which was nice.
The advice from Vincent Capone from Spectral AI is:
"If the shares were held by a nominee on your behalf, the shares are at DTC for your nominee/broker to pull and then allocate to your account"
The reply from Continental Stock Transfer and Trust Company is as follows:
"Please kindly be advised, since the shares are held through your broker, please contact the broker regarding your shares. Your broker should reach out to the Operations/Corporate Actions Department regarding the shares."
I already contacted IG but they gave me the runaround telling me its some kind of delay. On Monday I will speak with IG again and press them a bit as to what the delay actually technically is.
With reference to the two previous messages, has anyone sent emails and received a reply? I have sent emails and am attempting to get my head around the responses but shall have to wait until next week to do anything further.
And this email too, Spectral's investor relations.
ir@spectral-ai.com
May as well bombard them with emails, its been over a month now this is ridiculous. The sooner they deliver our shares the sooner (hopefully) naked shorts will have to close their positions.