McHenry Bancorp Inc (PK) (MCHN) Quote

MCHN one for 250 reverse split. ***PPS jumped from .08 to .1299....a bit odd, LOL.

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

Reverse Split 1/250 at the close today: https://otce.finra.org/otce/dailyList

I thought it looked cheap too.....unfortunately I bought this ticker without really conducting very much DD, or knowing all the details first, and has been one of my biggest losers in years.

Honestly, this probably belongs on the Grey Market, but because they file financials with the Federal Reserve, or whatever banking regulators they report too, got automatically uplisted to Pink Sheets.

With that said though, management has very little interest in being a public company from what I can tell. I assume it must have been some stipulation in the recapitalization, or something the investors required, no idea why though.

There are 232M shares outstanding, the recapitalization was done at .10, many, if not most, shares are unrestricted now.

Non-DTC eligible, and it's unlikely they will be as they don't want to spend the $$$ to become eligible. I would NEVER buy a non-DTC eligible security again, and usually TDA does not allow you too make that mistake but there was a short loophole at the beginning of trading, right after it went Pink and they allowed some trades.

May never see any SEC filings/reporting, especially if they don't want to spend a few thousand dollars for DTC.

If they cared at all about being a public company, .10, even .20, .25 would be VERY cheap for this, but they don't, maybe in the distant future, but anyone who buys this must be in it for the loooonng haul. Maybe hope for a buyout, or acquisition by a larger bank, thats a possibility as well IMO.

Thanks, I knew it was something about certificates. Best of trading to you too.

TDA filled orders the first 'daze' but stopped when it realized this issue trades in certificates only. i bought some of those early shares and its gonna' be bitching time when i sell it and TDA charges a fee to create the certificate. i had the same issue with another stock.

ah.... history is nothing if not a refurbished view of the past. over and over and over again, we echo the journey from start to finish. back is forth, and forth is back. its the circle of life.

::sigh::

best of trading to ALL

waxing poetic, is there too much gloss to this? what the hell.... its rich pearl

No idea, I tried to pick some up a while ago, TDA would not let me, so just took it off watch list. GLTY

Any idea why is so cheap? Can't seem to find much information about it.

Yes it is Mr Potter

This looks pretty cheap for a bank stock.

Got to love how the MM's continue to lower the ask, on even the tiniest bidwhack, but when the ask is getting hit, they don't budge at all...lol.

Yep, even after the rep double checked, something about the certificate.

You couldn't place an order at all...? Wonder if they have an internal chill on it or something? Apparently Etrade, and other brokers are allowing online buys, just because it's not-DTC eligible shouldn't stop you from being able to buy with a phone in with TDA....weird.

Just called TDA basically no can do. Oh well, hopefully no biggie lol.

Ok thanks

They will, but you have to call it in and speak to them on the phone first. You can sell online, but you can't buy online, that's the way all non-DTC eligible or chilled stocks are with TDA. Which is pretty silly given that they allowed online buying the first day it traded....lol.

Yeah TDA won't let a small fish like me get a piece of the pie :(

It fills on E*trade without a problem, takes forever to fill, and is 100% naked short sales. I suspect a giant move is coming here.

Hmm....This was the response I got from TDA, regarding non-DTC eligible stocks.

Thank you for contacting TD Ameritrade. The fee for selling non-DTC eligible stocks is just our normal brokerage fees. You may need to call in to try and place a trade for a security such as MCHN, depending on the volume, we may have to contact our Trade Resolution Department to try and find a market maker for a low volume stock. I hope this answered your question. Please call us at 1-800-669-3900 or email us if you have any further questions. We thank you for being a valued TD Ameritrade client!

just got off phone with AmeriTrade. they won't take buy orders for MCHN because it only trades via physical certificates. i can't say anything regarding other trading platforms, but, though they give no notice -- or warning, so to say -- if you already have shares of this at AT, they will create the certificate and then bill you for it when you sell them.

i've already been down this road. i had an ancient holding of BCN_D, just 4k, and they charged my account $285 for the certificate.

best of trading to ALL

rich

Balance sheet is in thousands so 24,000 is 24 mil



Plus assets are fairly decent, just over $200 mil




And if OS is 24 mil and they raised $23 mil then they sold shares at around $1

Where are you getting this 24M o/s from..? I've heard from a couple different sources now that the o/s is approximately 230M.

They have an OS of 24 mil. And raised $23 million per the form D

Where did you find this info..?? I know there was a $23M recapitalization, with a small number of investors last year, but don't know what price they paid per share. If it was @ $1 I don't think BNKS would be selling shares for .15 cents.

It appears institutions paid about $1

Someone who got a very good deal, and hopefully has much higher aspirations then a measly .15 cents....lol.

I’m more interested in who bought the shares....

yea I have read the rule before, I don't have a clue.

Whoever sold all those shares, I certainly hope they weren't an affiliate(typically 10% or greater shareholder) otherwise they would have been in violation of Rule 144, as more than 1% of the o/s traded....or very close to it, depending on the exact o/s.

I believe 2,329,000 would be the max an affiliate could sell in a three-month period.

Trading Volume Formula. If you are an affiliate, the number of equity securities you may sell during any three-month period cannot exceed the greater of 1% of the outstanding shares of the same class being sold, or if the class is listed on a stock exchange, the greater of 1% or the average reported weekly trading volume during the four weeks preceding the filing of a notice of sale on Form 144. Over-the-counter stocks, including those quoted on the OTC Bulletin Board and the Pink Sheets, can only be sold using the 1% measurement.

https://www.sec.gov/reportspubs/investor-publications/investorpubsrule144htm.html

I'd say if it falls below .10 it will probably just be a tax write off at the end of the year, as something must be seriously wrong. The market cap right now is only $23M, the investors, during the recapitalization last year, put that much into it alone......... so I'm sure they expected it would be worth a lot more then .10.

Possibly, and if it goes the other way it could give us some potentially good opportunities (I'm sure this could require years of patience though)

While it's disappointing to see the pps continually fall to these ridiculously low prices, that was one of the biggest single trades I've seen on the Pinks in at least a couple years. Perhaps the buyer got a discount, due to added transaction costs, as this is non-DTC eligible/physical certs only..??

I've seen some big($300K+) trades like that, on large, new issue Grey sheets companies, and the pps started increasing on those shortly after those trades.....so maybe things will start turning around now.

one of the placement holders bailing maybe?

3m share trade at .10 today

Here is a link to the current financials for their subsidiary, McHenry Savings Bank.

https://www.mchenrysavings.com/index.html

http://www.ibanknet.com/scripts/callreports/getbank.aspx?ibnid=usa_446877