PubCoCEO™

Last week, the SEC suspended trading of Sunshine Capital, Inc. (“SCNP“) because of questions regarding the accuracy of assertions by SCNP in press releases to investors concerning, among other things, the liquidity and value of the company’s assets, namely DIBCOINS, a cryptocurrency.

In the weeks leading up to its suspension, SCNP issued a number of press releases including;

March 27 – “Sunshine Capital, Inc. Announces That DIBCOIN Has Been Approved To Trade On the Livecoin Exchange“,

March 31 – “Sunshine Capital, Inc. Uses DIBCOIN to retire all Corporate Debt at a Rate of $1 Per Coin“, and

April 7 – “Sunshine Capital Inc. Announces That The Company’s Use of ‘DIBCOIN’ Was Described as ‘Genius’ in a Forbes.com Article“.

In one of these press releases SCNP said that the amount of DIBCOIN cryptocurrency they owned  was worth “approximately $4 Billion Dollars in assets or a book value of $235 per share.” 

The Forbes.com Article in which “‘DIBCOIN’ Was Described as ‘Genius’” was titled “Florida Man Goes From Multilevel Marketing To Cryptocurrency – What Could Possibly Go Wrong?” 

The author of the Fobes.com article felt obligated to clarify that he is “not endorsing Sunshine Capital Inc and Dibcoin” with a second article titled “Mixing Penny Stock With New Cryptocurrency Does Really Not Improve Either“

Over the weekend, SCNP announced that “The Board of Directors of Sunshine Capital, Inc Announces conversion to a Private Company“. Shareholders have the option of staying a shareholder of the private enterprise and benefitting from future dividends or they can sell their shares directly to the company at a two (2) DIBCOIN for every one (1) share of stock held.

Learn more HERE.