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Received the message below - Now filling with the FCA
I’m writing further to your concerns raised regarding an ongoing merger of Spectral MD Holding Ltd into Spectral AI. Specifically, I understand you are frustrated with the length of time this merger is taking and the inability to trade these shares. As a result, you feel you have been impacted financially by the fluctuation in price of the stock.
At the outset, I sympathise with your frustration you have experienced due to the length of time this merger is taking. We take pride in providing a high standard of service, therefore I’m sorry to learn of your dissatisfaction in this instance.
I feel it is important to clarify that we expected to receive the shares through CREST which typically take 3-5 working days. The shares were unfortunately sent to us in Direct Registration Share (DRS) format. We are unable to process DRS shares without involving our third-party global custodian HSBC. We must first transfer the shares to HSBC and then back into CREST to facilitate trading of the stock. I appreciate this is a frustrating outcome that has led to a substantial delay for you, however, we are actively monitoring this transfer and hope to complete it as soon as we can.
At present, HSBC have rejected our first attempt to complete this transfer on 27 October with no clear reason as to why. We have since responded to query this further and are currently awaiting a response. I can assure this event is being treated as a priority and we are keeping in contact with HSBC to ensure this merger is completed as soon as possible.
Whilst I do sympathise with your frustration, and after viewing the communications, I’m afraid I cannot agree this delay is due to negligence from HL. I understand that the fluctuation in share price of the new holding on the NASDAQ is putting you in a difficult position and I can assure you that we are proactively chasing. Unfortunately, we are reliant on HSBC, and this is out of HL’s control. Our Corporate Actions department have provided a contra line on to your account in the meantime and confirmed that we will contact you once the tradeable Spectral AI Inc shares have been applied to your account.
Taking the above into account, I recognise that this is a frustrating outcome and you are being kept out of the market. However, I am satisfied that HL have acted proactively in chasing this transfer, and we were not made aware at the offset that we wouldn't be able to credit you these shares via CREST as we normally would. We hope to facilitate trading in these new shares as soon as possible.
While conscious that this response may be disappointing, I hope the above clarifies our position. If you think that I have misunderstood anything, please do not hesitate to contact me. I have attached a copy of our complaints procedures for your reference. This can be accessed via the link below.
HL are trying to absolve themselves of responsibility. They chose to use HSBC for this process and that has cost shareholders a lot of time and money. As the shares have not been delivered in a timely fashion, shareholders now have a case for legal action and compensation in my estimation. I suspect it is a case that shareholders would likely win if they are willing to see it through.
All that matters is there's a 16m share naked short that can't close on current volume so when those shares hit...