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Sunday, November 27, 2022

Simply Inc (OTCMKTS: SIMPQ) Hits the OTC with A Bang (Q Stock Madness)

Simply Inc (OTCMKTS: SIMPQ) saw a parabolic run up the charts on Thursday from $0.01 to highs near $4 per share, an incredible move for the bankrupt Apple retailer. The stock had traded as low as $0.008 since hitting the OTC with just 3,974,995 shares outstanding. The Company stated they have shut down completely and terminated all employees effective immediately. In an alleged letter obtained by multiple sources. 

Simply Mac CEO Rein Voigt said “we are unable to pay payroll tomorrow or in the future. Citing funding issues, Voigt said that Simply Mac is unable to adequately stock its shelves with products or “stay current with our financial obligations.” The company is filing for Chapter 7 bankruptcy and will be completely liquidated. 

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Simply Inc (OTCMKTS: SIMPQ) is a Miami-based company that is the parent of Simply Mac, the largest Apple Premiere Partner in the U.S. with 50 retail stores in 17 states, an authorized reseller of the entire line of Apple products and provider of expert warranty repair service by Apple-certified technicians. With the appointment of the Chapter 7 Trustee and concurrent with the Bankruptcy Filing, on June 14, 2022, the employment of Reinier Voigt, President, Chief Executive Officer and Director, and of Vernon A. LoForti, Senior Vice President, Chief Financial Officer and Corporate Secretary, were terminated. As a result, the Company no longer has any current officers. 

On June 14, 2022, Simply, Inc. announced that it commenced bankruptcy proceedings by filing a voluntary petition for relief under the provisions of Chapter 7 of Title 11 of the United States Code, 11 U.S.C. §101 et seq. The Chapter 7 Case was filed in the United States Bankruptcy Court for the District of Utah, Case No. 22-22242-KRA. As a result of the Bankruptcy Filing, George Hofmann was appointed as interim Chapter 7 trustee and the assets of the Company will be liquidated in accordance with the Bankruptcy Code. 

The Company’s wholly-owned subsidiary Simply Mac, Inc. separately commenced bankruptcy proceedings by filing a voluntary petition for relief under the provisions of Chapter 7 of the Bankruptcy Code.  Simply Mac’s Chapter 7 filing was filed in the United States Bankruptcy Court for the District of Utah, Case No. 22-22239-KRA. As a result of this filing, George Hofmann has been appointed as interim Chapter 7 trustee, and the assets of Simply Mac will be liquidated in accordance with the Code. 

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SIMPQ

CEO Rein Voigt stated on the shutdown: “Since our acquisition of Simply Mac from GameStop on September 25, 2019, we have worked hard as a team to grow our company to be North America’s pre-eminent Apple Partner and provide our customers with transformational experiences that drive long-term loyalty. However, we could not have possibly foreseen that on December 12, 2019 in Wuhan, China a worldwide pandemic would start and ultimately cause us to layoff half our workforce and close many of our stores. 

Citing funding issues, Voigt said that Simply Mac is unable to adequately stock its shelves with products or “stay current with our financial obligations.” The company is filing for Chapter 7 bankruptcy and will be completely liquidated. Simply Mac operated 53 brick-and-mortar retail outlets in the U.S. Most of Simply Mac’s locations were underserved by Apple itself, and the closures will leave enormous voids for relatively local sales and support. 

Voigt said that the company will be unable to pay employees – who were expecting to be paid on July 10 for the previous pay period that ended a week ago. However, he said that all staff members will receive a notice from the bankruptcy court and will be able to submit a claim. It’s not clear when the bankruptcy court will rule, nor when or how the liquidation will begin. Also not clear is the retrieval process for machines under service, or existing orders. 

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SIMPQ has made an enormous run as many q stocks do after hitting the OTC. The stock traded as low as $0.008 and skyrocketed to highs near $4 per share on Thursday. This is bad news for the Miami based Simply Mac, the largest Apple Premiere Partner in the U.S. with 50 retail stores in 17 states, an authorized reseller of the entire line of Apple products and provider of expert warranty repair service by Apple-certified technicians. SIMPQ is still in play closing at $0.47 on the day.  We will be updating on SIMPQ when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with SIMPQ.

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Disclosure: we hold no position in SIMPQ either long or short and we have not been compensated for this article.

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