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Contact TD and ask what how they handle grey trades. Different brokers have different internal rules.
I see Warren Buffet's picture at the bottom of the article...that means good right?
Been through one of these and it’s worst then r/s
Basically money is gone, gonna go to trips in grey, don’t expect it back
THE SEC JUST SUSPENDED MY STOCK! NOW WHAT?
01 JUL THE SEC JUST SUSPENDED MY STOCK! NOW WHAT?
It happens to almost all penny players. One morning you wake up, grab some coffee, and start checking your stocks, especially that very volatile issue that's been running big. Pre-market Level II is looking good. If all goes well, perhaps today will be the day to take some profit. And then at 9:30, you see something like this:
norx
Level II goes blank. Your heart sinks. If you've had this experience before, you know to go to the SEC website, where your fears are confirmed. Trading has been suspended.
If you're new to the penny arena, you may not have any idea what's going on, so instead you'll go to a message board and try to figure things out. There, you'll probably read conflicting opinions; some will even be reassuring. Pay no attention. Trading suspensions are very bad things. You need to understand what has occurred, and what will occur.
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guilt
SEC trading suspensions
Suspensions are not to be confused with exchange halts. They are different actions, with different causes and outcomes. Suspensions are the end of the road for most targeted stocks; exchange halts can be survived, and in some cases are positive. The SEC offers an explanation here and here.
The SEC suspends trading in a stock for two basic reasons: the company is a delinquent filer, or fraud is suspected.
Delinquent filers are SEC-registered companies that have failed to submit required annual and quarterly financial reports. Usually the agency sends delinquency notices before taking action; if they are ignored, trading in the company's stock may be suspended without notice. At the same time, the SEC will initiate an administrative proceeding to revoke registration. The company will be served with a letter informing it that it has ten days in which to make some kind of case for its failure to file. If it does not do so, registration will be revoked by default.
What the company does only matters if it hopes to resume trading one day. Several recent cases suggest the SEC is now recommending that issuers who want to make things right should accept revocation, and then get two years of audited filings in order and file a new Form 10. That has the advantage of relieving the company from the obligation to catch up with dozens of old financial reports, which might prove an impossible task, but it has the disadvantage of leaving shareholders in the lurch for as long as it takes to get the filings in, find a sponsoring market maker, and get a Form 211 approved by FINRA. The company may have problems raising money in the interim as well. One issuer that chose this path was Superior Oil & Gas (SIOR), which was suspended on 25 January 2013. Though it initially announced the process could be completed quickly, to date it has filed no Form 10, and has ceased public communication with its investors.
Once registration has been revoked, the stock's ticker will be deleted. Shareholders will still be shareholders, but in a private company. Their stock will be extremely illiquid, and its value will be difficult to determine, as there is no public market for it.
The vast majority of suspended stocks are those of delinquent filers.
Suspensions ordered for suspected violations of the securities laws are more interesting that those ordered for delinquency. Many delinquent filers are entirely dead companies, often without any corporate existence. Companies suspended for suspected fraud have usually been quite active in the recent past, and perhaps are currently active. The three most recent suspensions for cause brought by the agency were of Polar Petroleum Corp (POLR), Biozoom, Inc. (BIZM), and Norstra Energy (NORX), all of which had been trading vigorously just before the SEC brought down the hammer.
7304614700_104fa308f5_zAn explanation of the action is offered in the form of a suspension notice that appears at the SEC website on a dedicated page. The explanations are unfortunately rather vague. They're usually phrased in the form of “questions about” things like possibly misleading press releases or other public statements, the company's operations, and business arrangements like mergers, acquisitions, or buyouts. Sketchy as the information provided is, it at least suggests to observers what the agency is looking at. With the BIZM suspension, the reasons were made a bit clearer: the SEC decided on the action “because of concern that certain Biozoom affiliates and shareholders may have unjustifiably relied upon Rule 144 of the Securities Act of 1933 ('Securities Act') and they, Biozoom, and others may be engaged in an unlawful distribution of securities through the OTCBB.”
That is very clear, and makes perfect sense, given that BIZM is still considered to be a shell company under SEC regulations. BIZM made a fatal error, and will not recover.
The suspension notice also informs market makers that the company has lost compliance with Rule 15c2-11, and so they may no longer make a market in the security, or publish quotations; in addition, it sets a time for the expiration of the suspension. The latter is invariably 11:59 p.m. on the tenth trading day following the announcement of the action. Once upon a time, the SEC was allowed to impose successive suspensions, but an issuer sued, and a Federal judge ruled against the agency. Now it can only suspend for a second time if it can find a different reason to do so.
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What happens next
During the suspension, the stock will be delisted to the Grey Market as a result of its non-compliance with SEC Rule 15c2-11. Usually that happens a day or two after the action is taken; shareholders can see the change at OTCMarkets. As noted above, that means the MMs won't be able to publish quotations or make a market. They can facilitate trades for brokers, but they are not obliged to fill any orders they may receive. Trades will be matched, though several smaller orders may be set off against a single larger one.
Often hopeful shareholders caught in a suspension tell each other that trading may resume before the ten days have ended. That never happens. Sometimes they convince themselves that it was just a “mistake” on the part of the SEC. It was not. The agency is aware that suspensions are a death sentence, and does not invoke them lightly. Angry investors may rail against Shorty and “bashers,” but the truth is that although the SEC may have originally received tips about problems with the company, they always conduct their own investigation before taking any action.
Some companies issue a press release immediately, usually saying they're “cooperating fully” with the SEC, and are hoping to resolve the problem quickly. Others say nothing at all, or make an announcement when trading resumes. Either way, there is no quick resolution; most of the time there's resolution at all. The SEC will not comment, but warns shareholders that an investigation may be ongoing.
18919886-stressed-businessman-on-his-kneesIn order to resume trading normally, on the Pinks or OTCMarkets' OTCQB tier, the company must find a market maker willing to file a Form 211 to enable it to regain compliance with Rule 15c2-11. The form looks simple enough, but it is not. And there's a special section asking whether the issue has been subject to a trading suspension. When an MM files a 211, it assumes liability. For that reason, they are not generally willing to sponsor a company that's been suspended unless they have very good reason to believe the SEC will not be bringing a further enforcement action. Usually the agency is unwilling to offer such guarantees, and so the stock is left in limbo.
There is a case in which a formerly suspended stock did manage to claw its way back to the Pinks. The issuer was Emergent Health Corporation (EMGE), which explained in a Management's Discussion and Analysis what had happened.. It was suspended in September 2009 because of a pump-and-dump campaign. Management assured the SEC that it'd played no role in the promotion. Evidently they were believed. The SEC sued the perps, and in July 2010 sent a letter to EMGE's attorneys indicating they would not be recommending any further action against the company. In August 2010, a broker-dealer filed a Form 211. Several rounds of comments from FINRA ensued. The company finally returned to the Pinks in early 2011.
Unfortunately, its efforts were too little, too late. It currently trades at around $0.06, and is completely dark.
Bankrupt
When trading resumes
Once the suspension expires, the formerly-suspended stock will reopen on the Grey Market. In most cases, it will trade on the first day, though issues that were illiquid before the action may not. In our initial scenario, I described a hot penny that had attracted a good deal of attention that resulted in heavy buying, the kind that would see interest right away.
Its first day on the Greys will not be heartening for anyone holding. Normally the first trade will be executed shortly after the bell, and will be a lowball. Very low. It may take the stock down as much as 80%. Very likely that the person who ventures that initial trade has entered a market order. Don't be that guy. Wait to see what happens in the next couple of hours. Usually the price will tick up a little. But you still have a problem: you're trading blind. There's no Level II, and no bid or ask. You need to decide what offer you think will be accepted. You'll be able to see executed trades as they happen, and they will give you an idea of what range you should try for. Trading is likely to be extremely volatile, but by the end of the session price will be sharply down; a loss of between 60% to 80% is common.
When a very active stock is suspended, MMs are trapped along with traders. If they've been selling naked to provide liquidity, they may be left with open short positions. They'll want to cover as soon as trading resumes, and therefore will be buyers. Do not, however, imagine that those short positions will be gigantic; they'll only provide a brief window in which volume will be high. So time your exit accordingly. Once they've taken care of themselves they tend to lose interest.
The stock may rise a little in the week or so following its debut on the Greys, but if as it does so, volume will decline, making fills more difficult. It's best not to wait too long, and lose your chance at recovering some of your investment. After weeks, or perhaps a few months, price will plateau for awhile, as volume continues to drop. In the end, liquidity will dry up entirely, and the issue will trade only now and then. Price will drift down slowly.
Here's a chart for Southridge Enterprises (SRGE), a particularly stinky Pink scam that was suspended on 28 December 2012, showing what happened in the succeeding two months. Things have only got worse since then.
Screen Shot 2013-07-01 at 2.20.44 AM
As time goes by, it's possible that the SEC will finally bring closure, in the form of litigation for fraud. In especially outrageous cases, the Department of Justice may join in with a criminal prosecution. It can take as long as two years or more for that to happen. Do not believe anyone who claims that if there's no further action six months after the suspension, somehow all is well.
shredding-cash-223x300In most cases, suspensions for cause don't result in SEC civil lawsuits, much less DOJ prosecutions. The SEC appears to believe that much of the time suspension alone is enough punishment. Often the people behind the suspected fraud are offshore and out of reach. If the SEC can't collect, it makes no sense for them to carry on. They will by then have achieved their object, which is to stop the fraud that provoked the suspension in the first place. If the company is an SEC filer, it will probably stop filing after the suspension; reporting to Edgar is costly, and is pointless for an issuer stuck on the Greys. After a couple of years of delinquency, the SEC may decide to put an end to the story altogether, and will move to revoke registration. That move will not be challenged.
If you're heavily invested, an SEC suspension is an unforgettable nightmare. If a stock you're playing is heavily promoted, or if those Nasty Bashers have raised serious questions about filings, press releases, or other communications from the company, take profits early and often. Ignoring red flags could cost you dearly if a suspension is invoked. There are no good outcomes for suspended stocks.
http://promotionstocksecrets.com/the-sec-just-suspended-my-stock-now-what/
yes, you will be able to sell through. some differences though. the grey market is matched trading only. there will be no bid or ask.
Grey market? Where and how? I've never delt with this before. Will I be able to sell shares from td account?
wait until it reopens on the grey market on 7/27.
How the hell do I get out of this thing? Locked up my funds on td.
tickers are never "cleared" by the sec. ever.
On the bright side, if it does get cleared by the SEC then it's probably off to the races again. IMO.
!!!!!!!!SUSPENDED!!!!!!
Another one bites the dust!!!!
Palewater/Milost Garbage is getting taken out!!!!
$$$$$$$$AXMP (@ .0414 now)$$$$$$$$
The SEC is quite specific "adequacy and accuracy of information concerning AXMPs leadership and operations contained in the quarterly report issued by AXMP on May 14th, 2018."
Guess who signed off on that specific report? JOSEPH ARCARO.
The cats out of the bag now. The Arcaro dominos are beginning to fall.
I'm like a golf ball in and out of 18 holes a day lol at least
Nope, still in LRDR, thanks for looking out tho.
His deals,him,his people,TA's its all bad none of it good.I hope you took profits in LRDR
What people do with the shells AFTER he sells them is on them actually. Do you think he hand holds them through their public trading life?
Wow, smh.
Well he sold it to them, so I am sure they are looking at the deals, yes. But looking at HIM? I emailed him, he stated he is not a target and it is based on Palewater/Milost and their PRs. That is all I got to offer.
Oli with all due respect JA and his deals are obviously being looked at.Of course PW is the target,but when you go to bed with dirty dogs you get fleas and everyone knows that.
Is this not clear enough?!
Plus, if you look back through ALL of JAs plays over the years they have either been REVOKED, heavily RS, or dropped like rocks... Oh I know, he is just the seller, what they do afterwards is not on him, right?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=141529111
lol, well if you think that you really do not read people well. The fact that you keep saying HE is target is false. What is abundantly CLEAR is that it IS Palewater/Milost.
Not sure why you keep denying that, but I think its time we move on from these deflecting posts.
What's clear is your "JA is my hero T-shirt" your wearing
Money heaven is happy with Arcaro's deals,so much $$$ being sent up to the angels in money heaven lol that they're singin
3 Arcaro deals suspended to date.I wouldn't want to be long any of his deals going into the weekend.
JA is not a target lol! Palewater is, that is quite clear.
Looks like Arcaro's plays are being looked at after the Nigeria connection.
If you haven't notice yet... JA and his associated crew are the target. Will they get nailed, don't know.
On Friday the 13th, assholes smh
He always has had other players to sell shells to. This group apparently got some and I am sure will get no more after this crap.
What's very clear is that anyone can go back through your posts on all the suspended tickers and see that you were saying the same thing.
Really doesn't matter...the heat has been turned up!
Who in their right mind would want to play anymore JA plays when Gwadiso even mention he had more RMs to go....now that it's over, JA will have to find other players to RM with. Meaning dead money or flipping galore on the other plays
AXMP
friday, july 27th.
Well its clearly Palewater/Milost they are targeting 420. That is now clear.
That's 4 down.... A few more to go :) tic toc.
Association = Avoidance of the other plays even IF they aren't suspended!
~LoL! Unbelievable.
Their luck just ran out. suspended.
Great work by NoDummy!
Gives the sleuths a bit oh hope that the SEC does indeed listen and act upon research handed to them on a silver platter!!!
AXMP will not be shut down
i think it will.
AXMP SEC Suspension: "The Commission temporarily suspended trading in the securities of AXMP because of questions about the adequacy and accuracy of information concerning AXMP’s leadership and operations contained in a Quarterly Report issued by AXMP on May 14, 2018, AXMP’s press releases issued between July 2, 2018 and July 6, 2018, and a Supplemental Information Report issued by AXMP on July 5, 2018."
https://www.sec.gov/litigation/suspensions/2018/34-83625.pdf
Order:
https://www.sec.gov/litigation/suspensions/2018/34-83625-o.pdf
Glad i dropped this days ago, been riding these waves the insane people are creating on it.
With the pennies that I have left over from C Y P E & L RDR when I sell them I am looking at a couple of sub penny stocks. One is a Somalian mud and grass pancake and water company. And the other is a Detroit real estate company. What do you think?
AXMP was .24 few days ago before it fell off watch the move coming.
https://www.barchart.com/stocks/quotes/AXMP/interactive-chart
Great point olico! AXMP fell on pure association with a couple others but without any basis. The chart shows .24 and climbing before the mistake. Working our way back up and accumulating shares before a massive breakout with or without updates.
https://www.barchart.com/stocks/quotes/AXMP/interactive-chart
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NEW YORK, July 02, 2018 (GLOBE NEWSWIRE) -- AXM Pharma, Inc. (OTC:AXMP) (“AXM Pharma” or the “Company”) is pleased to announce that it has entered into a binding letter agreement dated as of June 14, 2018 (the “Letter Agreement”) with a leading Cameroon-based Cocoa exporting company, AS Industries Cameroon (“ASIC”), which fully owns the largest indigenous cocoa exporting company in Cameroon, as well as a state of the art cocoa processing company. The Agreement outlines the proposed terms and conditions pursuant to which AXM Pharma, Inc. and ASIC will affect a business combination that will result in a reverse takeover of AXM Pharma by the shareholders of ASIC (the “Proposed Transaction”). ASIC has positive annual revenues of over $110 million and is swiftly growing to absorb the market even further.
The Agreement was negotiated at arm’s length. Per the Agreement, Mr. Emmanuel Neossi has acquired 70% control of AXM Pharma, Inc. Effective June 25, 2018, Mandla J. Gwadiso, newly appointed Chairman and CEO of AXM Pharma has stepped down and Mr. Emmanuel Neossi has been appointed as the new Chairman of the Board effective immediately. Mr. Emmanuel Neossi was advised by Palewater Advisory Group Inc. on this transaction.
ASIC is a privately held company organized/incorporated under the laws of the Republic of Cameroon, is one of the most dominant players in the fast-growing agribusiness sector of the Central Africa Region. The main activity has been trading in cocoa and coffee since the 90s around which many commercial and industrial activities have since become involved. ASIC markets more than 60,000 tons of cocoa and nearly 10,000 tons of coffee each year to partners in Africa and around the world. Currently the second largest exporter of the sector in the Cameroonian national territory, the company now holds a privileged position in the sub-regional cocoa market with major international groups. The organization works with more than 20,000 agricultural producers to support the global cocoa sustainability program by enabling thousands of families to receive a fair price for the wealth created along the value chain. The expansion of its activities has been crowned by the construction since 2016 of a state-of-the-art plant for cocoa processing and chocolate manufacturing. In 2017, the company started a cocoa industrial culture project to ensure the sustainability of its industrial activity.
Kent A. D. Clark, Chairman of Palewater Global Management Inc., the current parent company of AXM Pharma, Inc., stated thus: “We are very pleased to be adding AS Industries Cameroon into our structure. We are continuing to add to our diverse portfolio by entering the Agri-business realm. I have been deeply involved with Agri-Business as I was growing up and this is a privilege and honour to continue in an area I have a fondness for and have known most of my life. We are providing great benefit to Communities through our continued efforts and partnerships; I look very forward to fostering our relationship moving forward with Mr. Emmanuel Neossi as he is a real Champion. Together we are continuing to look at quality of life and benefit to Community as we build the Company.”
Mr. Emmanuel Neossi, The Chairman of ASIC and Neossi Group, opined that: “For more than two decades, we have been carrying forward an ambitious program of positive changes alongside the cocoa and coffee value chains to support economic growth in Cameroon. Our key strategic objective was therefore to increase value in key agribusiness sectors that have a strong ripple effect on the rest of the economy to ensure sustained improvements in people's livelihoods.
“I am very pleased to have acquired AXM Pharma and, having been appointed the new Chairman of the Board of Directors of the company, this will enable me to assume the key leadership role in the sub regional cocoa market and around. This transaction matches completely well with our holistic approach and vertical integration strategy.
“I have an unshakeable belief in the capacity of agribusiness in general as well as cocoa and coffee in particular to transform the economic and social structures in developing countries. Agribusiness in Africa and related services are expected to experience unprecedented growth. The intensive production and the retention of agricultural commodities such as cocoa on the national territory have given a radiant face to economies such as those of Côte d'Ivoire and Ghana with high margins of profitability remaining. Cameroon still has a lot of leeway unlike these latter countries and all investors may know that agricultural land investments are most welcome opportunity for increased investment in Sub-Saharan Africa agriculture.
“My experience of the global cocoa industry has shown that the oligopolistic structure of this industry has been in existence thanks to the absence of the consumption component in producing countries and the presence of strong barriers to entry like investment costs and technological challenges. Our commitment efforts were rewarded by a significant growth in our nationwide business and a key player position in the most privileged of the very closed circle of the global cocoa industry. I am therefore considered by most people in my region as the national champion for having dethroned the industrial monopoly established by worldwide groups for more than 60 years. Although it cost me 20 years of my life, I know that there is still a long road to go for building a world-renowned group that will be a legacy accessible to investors all around the world. I also appreciated the Palewater team that has worked tirelessly through our different time zones to ensure that this transaction gets to fruition and we believe that if Palewater continues in this trail, they will change how business is done in Africa. It is most definitely a privilege to be the first Cameroonian company to go public in America.”
Terms of the Transaction
The Proposed Transaction will be structured as an amalgamation, arrangement, takeover bid, share purchase or other similar forms of transactions or a series of transactions that have a similar effect with ASIC acquiring total control of AXM Pharma, whereas, the survivor of the merger would be called “Aaron Sparks Industries Inc.”, a transaction that will make Mr. Emmanuel Neossi a 70% control shareholder of Aaron Sparks Industries Inc. (“the merger survivor”). The final structure for the Proposed Transaction is subject to satisfactory tax, corporate and securities law advice for both AXM Pharma, Inc. and ASIC.
Completion of the Proposed Transaction is subject to a number of conditions, including completion of the merger, receipt of all necessary shareholder/shareholding and regulatory approvals, the execution of related/applicable transaction documents, approval of the SEC and FINRA for the business combination and change of name.
In connection with the Proposed Transaction, the Company will be required to, amongst others: (i) change its name to a name requested by AS Industries Cameroon. and acceptable to applicable regulatory authorities; (ii) consolidate/consolidation of its outstanding AMX PHARMA Shares on a basis to be determined (the “Consolidation”); (iii) replace all directors and officers of the Company on closing of the Proposed Transaction with nominees of ASIC; and (iv) create a new class of non-participating super voting shares that would be issued to the founder of ASIC, Mr. Emmanuel Neossi, under the Proposed Transaction.
In the Proposed Transaction, existing shareholders of the Company as of immediately prior to the completion of the Proposed Transaction would hold post-Consolidated AXM Pharma Shares (whose voting rights will be subordinated) with a value, based on the merger. Further details of the Proposed Transaction will be included in subsequent news releases and disclosure documents (which will include business and financial information in respect of ASIC) to be filed by the Company in connection with the Proposed Transaction. The shares of the Common stock representing 70% of the outstanding Capital Stock of AXM Pharma to be issued to Mr. Emmanuel Neossi for the acquisition of ASIC in the merger will be restricted, therefore there will be no change in the public float of the Company and there will be no reverse stock split either. The transaction is accretive to the current shareholders of AXM Pharma, Inc. as it also remains beneficial to the target on the other hand.
About AXM Pharma, INC.
AXM Pharma, Inc. The Group's principal activity is to sell over-the-counter and prescription pharmaceutical products in The People's Republic of China. The products are currently produced by third-party manufacturers and sold through third-party distributors. On 01-Jul-2006, the Group acquired 51% equity interest in Liaoning Ming Cheng Medical & Pharmaceutical Co., Ltd.
About ASIC.
ASIC is a Cameroon-based holdings company which fully owns the largest indigenous cocoa trading company in Cameroon, as well as a state of the art cocoa processing company, with headquarters in Kekem. ASIC has several drying and storage units in Kekem, Douala or other rural areas in the centre region. In a few years of activity, ASIC through its strong network of producers, producer groups and business partners such as Touton SA, Sucden, Olam International has established itself as one of the leaders in cocoa / coffee trading in Cameroon.
The management team of ASIC is made up of skilled professionals, each having several years of experience such as its CEO Mr. Emmanuel NEOSSI who has 20 years of experience in the cocoa trade area.
Cautionary Note:
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
For more information:
Tel:+1-212-709-8206
Fax:+1-212-943-2300
Source: https://globenewswire.com/news-release/2018/07/02/1532590/0/en/AXM-Pharma-Announces-A-Proposed-Reverse-Merger-with-A-Cameroon-Billionaire-Businessman.html
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