Item 7.01 Regulation FD Disclosure
On December 20, 2022, FingerMotion, Inc. (the "Company" or "FingerMotion")
issued a news release to announce that it has entered into a service agreement
with ShareIntel-Shareholder Intelligence Services, LLC ("ShareIntel") to further
assist The Christian Levine Law Group, as well as Warshaw Burstein, LLP
("Christian Warshaw Group"), each already retained by the Company, to review the
trading history of the Company's common stock for the past two years and to
track same going forward. ShareIntel utilizes a patented process
called DRIL-Down™ to aggregate and analyze repository data from reporting
entities, broker-dealers and shareholders enabling FingerMotion Inc. to
proactively track shareholder ownership, identify parties to suspicious,
aberrant or unusual trading activity and deploy corrective action steps to help
curtail such activity. Christian Warshaw Group has been pursuing investment
banking and brokerage firms on Wall Street for over 20 years for illegal naked
short selling, which is a sophisticated form of stock manipulation. The Company
believes it may have been the target of a market manipulation scheme involving
illegal naked short selling of its common stock over the last two years and has
decided to investigate and expose any wrongdoing.
"It is obvious when our stock trades in multiples of the outstanding shares in a
single day that the markets' checks and balances failed," said Martin Shen, CEO
of FingerMotion Inc. "Since we know that the trading in our stock was irregular,
it is our duty to our shareholders to understand the magnitude of the issue and
we will leverage ShareIntel's patented processes and proprietary analytics to
find reporting anomalies among market makers, banks, broker-dealers and clearing
firms. ShareIntel also has the ability to track share ownership and identify any
suspicious, aberrant and or unusual trading activity, which supports our
continuing commitment to protect our investors and maximize shareholder value.
Based on the pedigree of our investigating firms we believe they will be able to
help prove whether or not our Company is and or has been the subject and victim
of illegal naked short selling."
"We have the hands-on experience to identify parties that have potentially
engaged in illegal naked short selling. We work in parallel with The Christian
Levine Law Group to implement action to address such activity," said David
Wenger, President and Chief Executive Officer of ShareIntel.
A copy of the news release is attached as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Description
99.1 News Release dated December 20, 2022
104 Cover Page Interactive Data File (the cover page XBRL tags are
embedded within the inline XBRL document)
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