RenovaCare: Many Catalysts, Untold Downside #Mr_RayatApril 19, 2019
RenovaCare is an over-the-counter stock whose stock market valuation now approaches $600 million.
And the ~69% majority owner is a Canadian entrepreneur/promoter who’s settled up with the SEC twice over his stock promotions.
Controlling stock ownership by a foreign stock promoter, formerly in trouble with the SEC.
But chief competitor, Avita Medical filed for FDA approval last September for its spray-on skin replacement system, ReCell.
Avita has advanced its product and had almost $1 million in revenue last year.
It seems RenovaCare had come under questioning by the OTC Markets Group over promotional activity.
The promoter added “RenovaCare has submitted a 510-K filing to the FDA…Now it’s just a matter of waiting on the FDA.”
So, RenovaCare states it had no influence on creating the promoter’s report … even though the company paid $90,000 for that report.
The promoter’s fine-print disclosure shows that plenty of cash is wrapped up in these paid advertisements … through Damaak, the company that RenovaCare hired on Jan. 1:
For the twelve-month period beginning January 1, 2018, (StreetAuthority) expects to receive monthly from Damaak $50,000 for RenovaCare for the publication and dissemination of this Annual Investment Predictions report containing paid advertisements for RenovaCare.