In a salute to trend-grabbing entrepreneurs everywhere, Hempamericana files an S-1. The industrial hemp firm plans to sell 34M shares to the public via a self-underwritten best-effort offering @ $0.12 per. Shares will trade on the OTCBB if a market maker agrees to pick up the issue.
The company's sole employee is CEO Salvador Rosillo. He intends to use the ~$4M proceeds to execute his business plan of developing, manufacturing and marketing hemp-based products.
Potentially undermining his plan's robustness is the statement on page 5 concerning the use of the proceeds: We intend to use the net proceeds to us for working capital and other general corporate purposes, however we do not have any specific uses of the net proceeds planned.
The firm's balance sheet shows assets of $100.
Further complicating matters is Mr. Rosillo's Chapter 7 bankruptcy a few years ago.
Although not in the medical cannabis arena, industry followers still should find Hempamericana's filing an interesting read.