Everyone’s got a bag
A couple months back I was sitting barefoot in a hut in Mexico eating squid tacos when I got a call from the guys over at Equity Guru regarding this whole Wayland (WAYL) situation. I took the call and we compared notes about what has gone down recently.
We have gone in pretty deep against Wayland on this site, criticizing them for their mountain of retracted press releases, questionable financings and their CEO’s checkered past across several different sectors.
The pieces I wrote lead to Wayland’s CEO Ben Ward publicly calling me an extortionist on Twitter, which might have been my biggest personal highlight of 2018. The Tweet was quickly retracted but I was sure to screenshot it. We have also been contacted by former management who worked intimately with Ward about his conduct.
Equity Guru has laid into them pretty hard as well, check out Equity Guru’s 50 page takedown here.
Wayland shareholders are in a weird spot now, it’s getting to that point of feeling like a hostage situation. Any shareholder who didn’t get in before the IPO, or in one of their private financings is holding the bag as the stock is frozen at $0.74, an all time low.
Word from management: everything is cool
Wayland’s investors have many questions about the future of this company as the company has been partially purchased by ICC International Corp.
The news dropped in April, but there still many questions regarding the deal, and now that the stock has been halted for 50 days investors are understandably getting impatient.
A member of the Wayland Group Facebook investor group posted this last week:
FYI group members I wrote an email to Wayland group investor relations
“ I have been a shareholder for a long time (long term holder), my question is , why is there no attempt by the current management to communicate with shareholders in any way? It’s as if we are in some type of a self imposed black-out period…We have absolutely no idea where the company is heading, what is going on?”
They responded ( and approved me posting this to our group)
Thank you for your email. We are sorry that you feel you, as a shareholder, have been neglected. The Company has not had any material information to report, thus has not issued any Press Releases.
There has certainly been growing pains in the industry. We can assure you that management is working diligently with our auditors to ensure that all international assets are accounted for. The accuracy of the financials is crucial in preventing future complications for the Company.
Updates will be provided via Press Release in the near future. We understand this is a frustrating time in Wayland’s narrative, but your ongoing patience is appreciated.
Please reach out if there are any more questions.”