Majic Wheels Corp. Official Company Statement Regarding Caveat Emptor
Majic Wheels Corp (OTC Pink: MJWL) issued a statement to address the Caveat Emptor (CE) designation placed on its stock after trading hours on May 13, 2022. The company reaffirmed its commitment to its business objectives and plans to release Q1-2022 financial results on May 16, 2022, pending OTC Market approval. Management is investigating the CE's cause and urges shareholders to rely on verified information while avoiding speculation. CEO David Chong stated they are working diligently to resolve the issue, while trading requests were not granted.
- Reaffirmed commitment to business objectives and strategy.
- Plans to release Q1-2022 financial results by market close on May 16, 2022.
- Caveat Emptor designation could raise risks for investors.
- Trading halt request was not granted, indicating potential liquidity issues.
HOUSTON, TEXAS, May 16, 2022 (GLOBE NEWSWIRE) -- Wyoming-based holding Company Majic Wheels Corp. (OTC Pink: MJWL) has today issued this Official Company Statement to update its shareholders regarding the Caveat Emptor (CE) that was placed on the $MJWL ticker after trading hours on Friday 13 May, 2022.
First, Majic Wheels Corp wishes to confirm that it remains committed to delivering on its business objectives and strategy. It is “business as usual”, and the Company intends to release its Q1-2022 financial results by market-close today (16 May, 2022), subject to approval by OTC Market.
The Majic Wheels Corp management team and its external legal counsel are working with the relevant authorities to gain information and what led to the CE placement. The Company is committed to providing its shareholders with full transparency and factually correct information, and so would ask the public to be patient whilst the correct information is gathered and to not be misled by ‘noise’ in the social channels which might or might not be correct.
Majic Wheels Corp encourages its shareholders to follow its official Twitter handle for accurate and timely updates on the matter: https://twitter.com/MajicCorp.
For clarity, a Caveat Emptor security “is a designation the OTC Markets Group places on a security after a determination was made surrounding the company that there may be potential risk to investors which include a questionable stock promotion, known investigation of fraudulent activity committed by the company or insiders, regulatory suspensions, or disruptive corporate actions, among other reasons.”
David Chong, Majic Wheels Corp. CEO, comments: “We will update our shareholders and the wider public as soon as we receive relevant information from the authorities or OTC Markets. My colleagues and I are committed to resolving this issue as quickly as possible and are working through the ‘CE issue’ for the best possible outcome.”
At 8.30am EST today (16 May 2022), Majic Wheels Corp. requested for MJWL trading to halt, but the request was not granted.
For further information please contact: ir@majiccorp.co
About Majic Wheels Corp.
Majic Wheels Corp., listed and traded on the Over-the-Counter Market (OTC) under the trading symbol “MJWL”, is a Wyoming holding corporation planning to position itself as a power player in cutting-edge, disruptive industries like Fintech, Insuretech, software development, and crypto via thoughtful and varied acquisitions. Composed of a team with multiple decades' worth of experience and diverse backgrounds that grant them matchless insight and analysis capabilities, Majic intends to be two steps ahead of the fast-paced, ever-changing, competitive crypto market. For a deeper look into Majic Wheels Corp., refer to the company’s website: https://majiccorp.co/
SAFE HARBOR STATEMENT:
This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
FAQ
What is the Caveat Emptor designation for MJWL?
What is Majic Wheels Corp's plan after the CE designation?
When will Majic Wheels Corp release its Q1-2022 financial results?
How is Majic Wheels Corp addressing the CE issue?
