Convergence Ethanol Inc. (fka CETH)

[Renee]

[lucky, mydog]

you get today's tenacity award. 7-1/2 years. hip hip renee.

[Renee]

CETH (China Energy Tech Corp.) FINRA deleted symbol:

https://otce.finra.org/otce/dailyList?viewType=Deletions

[TenKay]

Suspension was for re-assigned ticker to China Energy Technology Corp, Ltd.

[TenKay]

CETH SEC Suspension

https://www.sec.gov/litigation/suspensions/2018/34-82763.pdf

Order:

https://www.sec.gov/litigation/suspensions/2018/34-82763-o.pdf

Admin Proceeding:

https://www.sec.gov/litigation/admin/2018/34-82762.pdf

[Sharktnk]

That's incredibly ironic, would you believe I had done the same thing today?

But I was looking to see if the cusip # might have been picked up. Had looked into this awhile back, the cusip numbers are different, so there's no correlation between them. China Energy just took on the old ticker which became available after Convergence was revoked.

[Doctorday]

Seems like completely unnoticed by the board, CETH was taken over by a Chinese energy company mid 2015 but they may have gone defunct as well :/

[Doctorday]

I randomly looked CETH up today and saw that there was a purchase at the ask price o_0
Also looking it up shows it as China Energy Technology Corp instead of Convergence Ethanol Inc. It still shows as delisted on I-Hub though and also can't be traded in my account. I was wondering if maybe it was a reverse merger situation but it still seems to reflect being delisted on the Nevada SOS as well. No idea what to make of this.

[stockpyle4]

Will CETH ever trade again?

[meltup]

GENC - ICE STORMS creating potential for REPAVING BOOM OF DAMAGED ROADS---GENC selling JUST ABOVE CASH--a NO-BRAINER imo

[Sharktnk]

Hoping against hope but yeah ...
Got caught off guard originaly in the first inception last year, which had barely even begun to get underway.

Lesson learned ... again.

[Renee]

Yup. We both had a strong hunch the Form 10 deficiencies would result in the former stock revocation being upheld.

[Sharktnk]

Welp, there goes that last shred of hopeful renumeration.

[Renee]

Yes....permanently revoked. Thanks for your comments!!

[WarMachine]

Revoked and staying that way. Thanks for keeping the actions up to date.

[Renee]

CETH:

http://www.sec.gov/litigation/admin/2013/34-70202.pdf

The Securities and Exchange Commission (“Commission”) deems it necessary and appropriate for the protection of investors to accept the Offer of Settlement submitted by Convergence Ethanol, Inc. (“CETH” or “Respondent”) pursuant to Rule 240(a) of the
Rules of Practice of the Commission, 17 C.F.R. § 201.240(a), for the purpose of settlement of these proceedings initiated against Respondent on August 2, 2013, pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Exchange Act”).

Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission’s jurisdiction over
it and the subject matter of these proceedings, which are admitted, Respondent consents to the entry of this Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to Convergence Ethanol, Inc. (“Order”), as set forth below.

On the basis of this Order and Respondent’s Offer, the Commission finds that:

1. Convergence Ethanol, Inc. (“CETH”) 1(CIK No. 23778) is a revoked Nevada corporation located in Las Vegas, Nevada. On June 5, 2012, the Secretary of the

Commission, pursuant to delegated authority, entered a consent order revoking the registration of each class of CETH’s securities registered with the Commission pursuant to Exchange Act Section 12(g). In the Matter of Alderox, Inc., et al. (as to Convergence
Ethanol, Inc.), Exchange Act Rel. No. 67117, Administrative Proceeding File No. 3-14886 (June 5, 2012).

B. MATERIALLY DEFICIENT REGISTRATION FORM

2. On December 18, 2012, CETH filed a Form 10 with the Commission to re-register its common stock under Exchange Act Section 12(g).

3. On December 20, 2012 the Division of Corporation Finance sent a letter to CETH advising it of certain deficiencies in its original Form 10. Thereafter, on January 17, 2013, CETH filed an amended Form 10-A (“Amended Form 10”). The Amended Form 10 contained the following deficiencies:

i. The Amended Form 10 failed to include “since inception” figures
for its statements of income, cumulated deficit, and cumulative
cash flow in its periodic and annual financial statements as
required by ASC Topic 915. The annual figures are required to be
audited.

ii. The Amended Form 10 also failed to include interim financial
information for the period ended December 31, 2012, as required
by Rule 3-12 of Regulation S-X. According to Rule 3-12 of
Regulation S-X, if the financial statements included in a filing are date as of a date 135 days or more before the expected effective date of the filing, the financial statements must be updated to include interim financial information prior to effectiveness.

iii. The Management’s Discussion and Analysis in the Amended Form
10 fails to comply with Item 303 of Regulation S-K in several
respects. For example, the financial information presented therein
does not match that presented in the financial statements and
relates to different periods.

4. CETH’s Amended Form 10 became effective, and its common stock
became registered pursuant to Exchange Act Section 12(g), by operation of law, on February 16, 2013. As of July 25, 2013, no ticker symbol had been issued to CETH nor had public trading commenced.

5. As a result of the foregoing, the Respondent re-registered its common stock on the basis of the materially deficient Amended Form 10. Exchange Act Section 12(g) requires issuers wishing to register a class of securities pursuant thereto to “file[]
with the Commission a registration statement . . . containing such information and documents as the Commission may specify . . ..” Form 10, promulgated by the Commission pursuant to Exchange Act Sections 12(b) and 12(g), is the primary form used by issuers seeking to register securities thereunder, and contains fifteen items which require certain specific information spelled out in Regulations S-K and S-X concerning, among other things, the issuer’s business and financial position.

6. As a result of the foregoing, Respondent failed to comply with Exchange Act Section 12(g), Rule 12b-20 and Regulations S-K and S-X thereunder.

IV.

In view of the foregoing, the Commission deems it necessary and appropriate for the protection of investors to impose the sanction specified in Respondent’s Offer.

Accordingly, it is hereby ORDERED that:

Pursuant to Section 12(j) of the Exchange Act, the registration of each class of Respondent’s securities registered pursuant to Exchange Act Section 12 be, and hereby is, revoked.

For the Commission, by its Secretary, pursuant to delegated authority

Elizabeth M. Murphy
Secretary

[Sharktnk]

Didn't make the correlation earlier and perhaps a coincidence but I did notice that the market value dropped to zero in my account this morning. Since the letter was dated yesterday perhaps it's already been resolved.

[Sharktnk]

Went to a lot of effort to get it this far, but I would have to agree. If I have learned anything down here it's certainly not being surprised, especialy in my favor.

[Renee]

I think the deficient Form 10 is at issue, and Convergence will likely accept the SEC's allegations about the deficiencies and agree / settle that the stock should remain revoked.

Hope I'm wrong for CETH's shareholders, but my hunch is the SEC will prevail and CETH's presently revoked stock registrations will likely remain revoked.

[Sharktnk]

Just give us a symbol back

Please do

[Sharktnk]

My sense as well but curious considering they previously accepted the settlement to allow this to be voluntarily revoked and essentially start over again.

[Renee]

Usually when there is a settlement with the SEC it means the company has completely capitulated to all SEC allegations to avoid SEC civil charges.

Not cast in stone but those have been my observations on most penny stock companies' settlements with the SEC.

[WarMachine]

Just give us a symbol back and we promise to be good this time. <wink wink nod nod>

[Sharktnk]

Interesting ... and once again you're in front of me ...
I was just doing my usual morning checks not ten minutes ago and didn't see anything.

Wonder what they are proposing as a 'settlement'?

[Renee]

CETH: ORDER POSTPONING HEARING AND SETTING PREHEARING CONFERENCE

http://www.sec.gov/alj/aljorders/2013/ap-792.pdf

[Sharktnk]

Indeed, still thought it odd that it was allowed to go effective in light of that ... Or is it just a matter of course? There wasn't any comment letters on the Form 10 and it became effective back in Feb. (Automatically from what I understand)

The whole cart\horse thing

[Renee]

Certainly odd for Convergence to go to all that effort and then have deficiencies. The SEC was not impressed.

[Sharktnk]

So they let it go effective and then realized there were defeciences?

The Amended Form 10 also failed to include interim financial
information for the period ended December 31, 2012. According
to Rule 3-12 of Regulation S-X, if the financial statements
included in a filing are date as of a date 135 days or more before
the expected effective date of the filing, the financial statements
must be updated to include interim financial information prior to
effectiveness.

'late'?

[Renee]

CETH: Important read from the SEC:

http://www.sec.gov/litigation/admin/2013/34-70094.pdf

[Den]

not that i know' ....

[looneystocks]

Anything new?

[Den]

no

[looneystocks]

Any new updates...

[Den]

u were about to wake me up !


lol


yes - waiting waiting ..

[looneystocks]

I keep having my fingers crossed!! Toes too...

[Den]

ok

[peterus]

no

[Den]

anything new ?

[peterus]

ok thanks

[TradeForProfits]

np. i keep checking. i'd expect it 'soon' but all up to sec imo, figure they did one round of comments then the filing update and now awaiting the next round of comments and we could see a third but that should likely be it, then trading hopefully, then merger, then boom! :)

[peterus]

ok thanks

[TradeForProfits]

no, just checked SEC website, nothing since earlier this year. guess still going through comments.

[peterus]

nothing new for CETH

[TheBullTwit]

Yeah, I saw that, but since the shares still sit in my account associated with the CUSIP, I'm still hoping.

[WarMachine]

Not with any shareholder equity intact ... http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82883887

[TheBullTwit]

any chance this will ever come back from the dead?

[TradeForProfits]

yeah, form 10 requires audited financials, so it lines up with otcbb once relisted.

[j$tops]

sweet!!!

[TradeForProfits]

I believe they'll be otcbb, not pk.

[j$tops]

Is this filing to trade on the pinks?