United States Antimony Corporation [NYSE American: UAMY] disclosed that NYSE Regulation has sent the firm a warning letter on February 18, 2021. The letter stated the firm dumped its ordinary shares in a way that breached Sections 301 and 713 of the firm regulations. Before the start of trading on February 17, 2021, the trading in the firm’s ordinary shares has been stopped.
In a non-underwritten deal, United States Antimony has dumped a total of 26,290,000 shares of common stock at less price in two deals. In the first deal which has been executed on February 3, 2021, in which the firm has dumped 15,300,000 shares of ordinary shares at a buying price of $0.70 per share.
In the second transaction, which has been executed on February 16, 2021, in which the firm has dumped 10,990,000 shares of ordinary shares at a buying price of $1.30 per share. Both the deals significantly engaged the same group of buyers. NYSE Regulation concluded that these offerings should be total for purposes of Section 713 of the firm Guide.
As described in the Letter, the firm was unsuccessful in submitting a complete listing application ahead of the February 16, 2021 deal to get early authorization as needed by Section 301 of the firm Guide. It also did not get the investors authorization for the total grant of 26,290,000 shares that has surpassed 20% of the ordinary shares of the firm outstanding in compliance with the requirements under Section 713 of the firm Guide.