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Crednology Holding Corp. (fka COHO)

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Moderators getmoreshares

 


Crednology Holding Corporation    (COHO)

COHO REVOKED

Settlement Reached with the SEC

 

Changes in Control of Registrant

On May 31, 2020 (the “Closing Date”), Top Knot, Inc. USA (“TKIU”) obtained control of the Company from its previous CEO and Director, Oriel Rechtman (“Rechtman”), pursuant to a Conditional Stock Purchase Agreement, dated as of May 31, 2020 (the “SPA”), by and among TKIU and Rechtman.
On the Closing Date, Rechtman caused TKIU to obtain control of the Company through the election of two new Directors to the Board of the Company (the “Transaction”).
Following the Transaction, on July 7, 2020, TKIU assigned the SPA to Stonecrest Acquisitions, LLC, a Delaware limited liability company (“Stonecrest”).


 

On July 8, 2020, the Company filed Form 8-K disclosing a Change of Control and
Departure of Directors of Certain Officers, Election of Directors, Appointment of Certain Officers.

Subsequently, commencing on July 8, 2020, the Securities and Exchange Commission (SEC) suspended trading of the Company’s securities until July 21, 2020 (“Trade Suspension”). The specific reason the Trade Suspension occurred was due to prior management of the Company having incorrectly filed Form 15 and failing to properly revoke the Reg A offering.

As a result of the Trade Suspension , Stonecrest has deemed it necessary to cancel the SPA with Rechtman. As such, the Stonecrest designees shall resign from the Board of Directors and their positions as Officers of the Company. On July 21, 2020, Stonecrest and Rechtman executed a Termination & Release Agreement cancelling the SPA.

As a consequence of the cancellation of the SPA and the reappointment of Rechtman to the Board of Directors of the Company, a change of control of the Company occurred. As a result, Rechtman now controls the Company through the Board of Directors.

 

 

 

Settlement Reached with the SEC

Northridge, CA, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: “COHO”; "Crednology" or the “Company”) is pleased to announce that it reached a settlement agreement with the SEC.

As you might have learned by now, the SEC served COHO with a Notice of noncompliance for not being current on its filings. They informed us that in 2010, the management of COHO at that time, wrongfully filed form 15-12G. The Company had over 500 shareholders at the time and as a result the Company did not qualify for this filing according to certain SEC rules and regulations.

The only remedy offered under the SEC guidelines was for us to become current by filing audited financial statements for the past 10 years, which is impossible to accomplish, as there are no records for most of those years because of prior management.

We were informed by the SEC that we had just two options: i). to enter into a settlement agreement with the SEC or ii). fight an administrative battle with the SEC which the company determined it could not win.

At the advice of our legal team and as part of the going forward plan (described below), we elected to enter into a settlement agreement with the SEC. As a result, the COHO shares will be deregistered effective upon notice by the SEC which is expected any day. This action means that our shareholders can still trade shares, however not through trading through broker dealer handled transactions.

Orie Rechtman, CEO commented: “We have a plan, that was described to the SEC. The SEC did not give approval, or provide any comment, on the plan and no approval for the plan by the SEC should be construed as having been given by it. The plan is more fully described below.”

The case with the SEC will be settled (which