IQST - iQSTEL Board of Directors Instructs Management To Fight Naked Shorting

Rhea-AI Summary

iQSTEL Inc. (OTCQX: IQST) announced on March 27, 2023, that its Independent Board of Directors has tasked management with combating naked short selling. The management is negotiating with a specialized firm known for addressing such issues. Recent data indicates that short selling has exceeded 50% of iQST's daily trading volume on multiple occasions. CEO Leandro Iglesias highlighted shareholder concerns regarding the share price being impacted by naked short selling. The company aims to identify specific bad actors and take legal action if necessary. iQSTEL is preparing for a Nasdaq up-listing with a forecasted $105 million in revenue for FY2023.

Positive

• Management is actively addressing shareholder concerns regarding short selling.
• Negotiations with a specialized firm may strengthen defenses against naked shorting.
• iQSTEL is preparing for a Nasdaq up-listing, indicating growth ambitions.

Negative

• Naked short selling has previously impacted iQST's trading volume and share price.
• The company may face legal challenges if illegal short selling is identified.

NEW YORK, March 27, 2023 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST) today announced its Independent Board of Directors (BOD) instructed management to identify specific IQST naked shorting targets and to fight against those targets. Toward that end, management has entered into negotiations with a highly specialized firm in matters of naked short selling. This firm has a reputation for finding and countering naked shorting issues.

OTCShortReport indicates short selling has exceeded 50% of the daily iQSTEL daily trading volume on more than one occasion in the last month. OTCShortReport aggregates REGSHO data reported by FINRA.

The prominence of short selling became a high visibility topic when a crowd sourced short squeeze catapulted the share price of GameStop. The GameStop short selling subject was featured in the HBO documentary Gaming Wall Street.

MarketWatch recently published an article titled Why Short Selling Has Recently Become A Hot Topic that explains short selling in fair detail and includes information on short selling in the OTC markets.

"We have received communications from our shareholders expressing concern that the IQST share price is suffering the impact of naked short selling," said iQSTEL CEO Leandro Iglesias. "In response to these concerns, the iQSTEL Independent Board of Directors has authorized management to act accordingly. Management has entered into negotiations to engage a well respected firm in matters of naked short selling. This firm, subject to finalizing an engagement, will perform a deep analysis of the naked shorting in IQST to identify any specific bad actors. If we identify illegal activity, we will address that activity in court to defend our company to the fullest extent of the law. We are not blazing a new trail in the fight against short selling. We will be following in the footsteps of proven tactics against short sellers."

About IQSTEL updated:

iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational public company preparing for a Nasdaq up-listing with an FY2023 $105 million revenue forecast. iQSTEL's mission is to serve basic human needs in today's modern world by making the necessary tools accessible regardless of race, ethnicity, religion, socioeconomic status, or identity. iQSTEL recognizes that in today's modern world, the pursuit of the human hierarchy of needs (physiological, safety, relationship, esteem and self actualization) is marginalized without access to ubiquitous communications, the freedom of virtual banking, clean affordable mobility and information and content. iQSTEL has 4 Business Divisions delivering accessibly to the necessary tools in today's pursuit of basic human needs: Telecommunications, Fintech, Electric Vehicles and Metaverse.

• The Telecommunications Division (Communications) includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform.
• The Fintech Division (Financial Freedom) includes remittances services, top up services, Master Card Debit Card, a US Bank Account (No SSN required), and a Mobile App.
• The Electric Vehicles Division (Mobility) offers Electric Motorcycles and plans to launch a Mid Speed Car.
• The Metaverse Division (information and content) includes an enriched and immersive white label proprietary Metaverse platform to access products, services, content, entertainment, information, customer support, and more in a virtual 3D interface.

The company continues to grow and expand its suite of products and services both organically and through mergers and acquisitions (M&A). iQSTEL has completed 10 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions.

Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

iQSTEL Inc.
IR US Phone: 646-740-0907
IR Email: investors@iqstel.com

Contact Details
iQSTEL Inc.
+1 646-740-0907
investors@iqstel.com

Company Website
https://www.iqstel.com/

 

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SOURCE iQSTEL Inc.

FAQ

What measures is iQSTEL taking to address naked short selling?

iQSTEL's Board of Directors has instructed management to combat naked short selling by negotiating with a specialized firm.

How much of iQSTEL's trading volume has been affected by short selling recently?

Short selling has exceeded 50% of iQST's daily trading volume on several occasions in the past month.

What is the forecasted revenue for iQSTEL in FY2023?

iQSTEL is forecasting $105 million in revenue for FY2023.

Who is iQSTEL's CEO, and what did he say about shareholder concerns?

Leandro Iglesias, the CEO, stated that the company has received communications from shareholders concerned about the impact of naked short selling on the share price.

Is iQSTEL planning to list on the Nasdaq?

Yes, iQSTEL is preparing for a Nasdaq up-listing.