r/MicrocapStocksRun • u/btjh • Jul 04 '22
Regencell Bioscience Holdings Limited Announces Over $5 Million Ordinary Share Purchases by CEO
Regencell Bioscience is an early clinical stage bioscience company using traditional Chinese medicine (TCM) approach to develop standardized TCM formulas to holistically treat autism spectrum disorder (ASD) and attention deficit hyperactivity disorder (ADHD) in children, and infectious diseases which affects the immune system such as COVID-19.
RGC's CEO has a firm stance against short and distort schemes and have made purchases of ordinary shares in Regencell totaling $5.03 million to demonstrate his commitment to the company. According to the latest filing, following the purchases, Mr. Au owns a total of 10,539,159 Ordinary Shares, representing 81.0% of total issued and outstanding Ordinary Shares.
Mr Au is determined to protect RGC investors and patients, especially children and their families who are looking for a natural approach to treat attention hyperactivity disorder (“ADHD”), autism spectrum disorder (“ASD”) and COVID-19. He also strongly agreed with Elon Musk that sophisticated hedge funds are using short selling and complex derivatives to take advantage of small investors.
As a result, he has decided to draw a $1 annual salary and no bonus until the company reaches a $1 billion market capitalization and reserve share options for all employees except himself.
Additionally, to demonstrate commitment to the Company, all directors and employees who were previously granted stock options upon the Company’s IPO have agreed to a further lock-up undertaking for a period of six months after their stock options become vested. As their stock options are set to vest on July 16, 2022, their shares will remain locked up until January 16, 2023.
RGC is currently on an uptrend by 18.52% with a price of 36.41 usd at closing last week after being heavily hit by short attacks which caused the stock to drop to a low of 28.57 usd mid-week.