Dec. 4 at 9:31 PM
$GNS A lot of discussion around
$GNS highlights “ATM dilution,” but the filings tell a more nuanced story.
Under SEC rules (Reg M + Rule 10b-18), a company cannot run an ATM distribution and buy back its own shares at the same time.
GNS publicly disclosed:
• 1M-share buyback on Sept 15
• CEO share purchase on Oct 20
Both actions indicate the company was not distributing shares during that period.
Could GNS have legally transitioned to an ATM program by mid-November?
Yes — but only after buyback activity ended and only with proper disclosure.
To date, there is no evidence in filings of active ATM sales around the 11/17 volatility, nor any change in share count that would confirm it.
So ATM fears should be tied to filings, not assumptions.
Without documentation of ATM usage, the 11/17 move looks more like a liquidity-driven shakeout than issuer selling.
This is not financial advice — just highlighting what the rules and filings actually support.
$QNTM $GME $AMC
