NOHO Inc (OTCMKTS:DRNK) shares were flat on Friday and down 1.00% in after-hours trading to $0.00010. The company has a market cap of $824K at 656.04 million shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.00.
In a press release, NOHO Inc announced that it has filed two complaints with FINRA alleging trading anomalies by market makers and brokerage firms following an internal analysis by the company.
The first complaint focuses on evidence of Regulation SHO violations by market makers employing collusive efforts to manipulate the share price. The second complaint alleges abuse of convertible note holders who misuse Rule 144 by intentionally revising previously executed promissory notes to include a convertible feature and declaring that tacking under Rule 144 applies.
Rule 203(b)(1) states: “A broker or dealer may not accept a short sale order in an equity security from another person, or effect a short sale in an equity security for its own account, unless the broker or dealer has: (i) Borrowed the security, or entered into a bona fide arrangement to borrow the security; or (ii) Reasonable grounds to believe that the security can be borrowed so that it can be delivered on the date delivery is due; and (iii) Documented compliance with this paragraph (b)(1).”
“Upon internal analysis of recent trading activity in our stock, there is solid evidence that certain parties have colluded to depress our share price in violation of Regulation SHO and Rule 5100. The time has come to shed light on these illicit activities and we look forward to working with regulators in this effort,” remarked NOHO Inc CEO David Mersky.
NOHO Inc is formerly Real Estate Pathways, Inc. The company develops, markets, sells and distributes a beverage category product named NOHO – The Hangover Defense (NOHO). This is a dietary supplement which is taken before and after the consumption of alcohol that helps to prevent the symptoms associated with a hangover. NOHO is formulated by a Doctor of Pharmacy and comes in a 2 ounce shot. It is recommended that the 2 ounce shot be taken before and after drinking any alcoholic beverages. NOHO has a flavor, which contains no caffeine or stimulants.
It also launched NOHO Gold, which is a premium lifestyle beverage. It is offered to and sold in premier nightclubs On Premise bar and club venues in the United States including the Fontainebleau Hotel, LIV nightclub, Story nightclub, Day Light, Light, The Opium Group properties, and others.