SEC Suspensions & Revocations

[Renee]

When a company realizes they have no defense against the SEC's incontrovertible evidence of Financials delinquencies the company can choose to accept revocation of their stock registration(s) thereby avoiding the expense to the company to argue against revocation and the expense to the SEC to argue for revocation in protracted Hearings with the SEC Admin Law Judge.

The SEC appreciates a contrite company that accepts responsibility for being delinquent in their filing obligations.

It is now entirely up to Saleen if they want to submit a Form 10 for a new stock registration, comprising audited Financials from the last date of their previously audited Financials. It is a long process where the SEC uses a Hubble-sized microscope to examine every detail in a Form 10 but several companies were successful in re-registering with the SEC after the SEC A.L.J. had revoked their stock registration(s).

An example of the Litigation costs to the SEC to argue for revocation to the SEC Admin Law Judge when a company decides to argue against revocation. On the premise the SEC Admin Law Judge will still revoke DBMM's stock registration it would be a frosty day in Hell before the SEC would ever approve a new Form 10 if DBMM ever chooses to try to re-register.

https://www.sec.gov/litigation/apdocuments/ap-3-17990.xml