Full Disclosure - 88 Energy Ltd Sells Prior to Press Release
April 5, 2022
Joseph Longo, CEO
Chair and Accountable Authority
Australian Securities & Investment Commission
Firstly, I would like to congratulate you on your well-deserved appointment as ASIC Chair.
I am writing to you on behalf of many investors (see attached petition) who recently encountered mass losses on the above-mentioned stock, 88 Energy Ltd. We understand the risk factors associated with stocks on the otcqb. However, in this particular instance there was a suspicious number of sell-offs days leading up to much anticipated results of 88 Energy ’s exploration findings. Typically, stock prices go north not south before results are announced. It calls to question, if information was leaked prior to the news hitting the global exchanges. It should also be noted, it is believed that the contractor hired by 88 Energy Ltd., was being paid (at least, in part with shares of the company). 88 Energy Ltd has not been transparent with its shareholders. We respectfully ask for an inquiry into possibility of insider trading. We furthermore, have questions concerning company affiliates who may have sold prior to the company press release on 29 March 2022.
We would appreciate your disclosure of the details of the sell trades in the few days leading up to the 29 March 2022 company press release.