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https://www.zauba.com/company/OMEGA-MERCANTILE-PRIVATE-LTD/U51900MH1983PTC031415
About Omega Mercantile Private Ltd
Omega Mercantile Private Ltd is a Private Company incorporated on 24 November 1983. It is classified as Indian Non-Government Company and is registered at Registrar of Companies, Mumbai. Its authorized share capital is Rs. 45,000,000 and its paid up capital is Rs. 1,531,800.
Omega Mercantile Private Ltd's Annual General Meeting (AGM) was last held on 24 September 2013 and as per records from Ministry of Corporate Affairs (MCA), its balance sheet was last filed on 31 March 2013.
Omega Mercantile Private Ltd's Corporate Identification Number is (CIN) U51900MH1983PTC031415 and its registration number is 31415. Its registered address is 7-B SAHAR ROY APTSCO OP HSG SOC LTD SAHAR, MUMBAI - 400099, Maharashtra INDIA.
Company Information
Corporate Identification Number U51900MH1983PTC031415
Name OMEGA MERCANTILE PRIVATE LTD
RoC RoC-Mumbai
Registration Number 31415
Company Category Company limited by shares
Company Sub Category Indian Non-Government Company
Class of Company Private Company
Authorised Capital (in Rs.) 45,000,000
Paid up capital (in Rs.) 1,531,800
Number of Members(Applicable only in case of company without Share Capital) 0
Date of Incorporation 24 November 1983
Address 1 7-B SAHAR ROY APTSCO OP HSG SOC LTD
Address 2 SAHAR
City MUMBAI
State Maharashtra
Country INDIA
Pin 400099
Whether listed or not Unlisted
Date of Last AGM 24 September 2013
Date of Balance sheet 31 March 2013
Company Status (for eFiling) Active
LEvel 2 where are you reading that from???
Schedule 13D
Schedule 13D is commonly referred to as a “beneficial ownership report.” The term "beneficial owner" is defined under SEC rules. It includes any person who directly or indirectly shares voting power or investment power (the power to sell the security).
When a person or group of persons acquires beneficial ownership of more than 5% of a voting class of a company’s equity securities registered under Section 12 of the Securities Exchange Act of 1934, they are required to file a Schedule 13D with the SEC. (Depending upon the facts and circumstances, the person or group of persons may be eligible to file the more abbreviated Schedule 13G in lieu of Schedule 13D.)
Schedule 13D reports the acquisition and other information within ten days after the purchase. The schedule is filed with the SEC and is provided to the company that issued the securities and each exchange where the security is traded. Any material changes in the facts contained in the schedule require a prompt amendment. The schedule is often filed in connection with a tender offer.
You can find the Schedules 13D for most publicly traded companies in the SEC’s EDGAR database. You can learn how to use EDGAR to find information about companies.
if you own more than 5% before the reverse split, MUST FILE 13D WITH A CPA!!!
It should fly there is plenty of money in the market.
Rank
Name of the firm
Headquarters
Capital Raised as of May 2013
(billions of USD)
Largest private equity firms
1 TPG Capital United States Fort Worth $ 35.73
2 Carlyle Group United States Washington, D.C. $ 32.82
3 The Blackstone Group United States New York $ 29.56
4 Kohlberg Kravis Roberts United States New York $ 28.41
5 Warburg Pincus United States New York $ 26.00
6 Goldman Sachs Principal Investment Area United States New York $ 24.63
7 Advent International United States Boston $ 23.06
8 Apollo Management United States New York $ 22.07
9 Bain Capital United States Boston $ 19.36
10 CVC Capital Partners United Kingdom London $ 17.99
11 Riverstone Holdings United States New York $ 16.70
12 General Atlantic United States Greenwich, CT $ 15.60
13 J.P. Morgan Asset Management United States New York $ 13.71
14 Oaktree Capital Management United States Los Angeles $ 12.34
15 Lone Star Funds United States Dallas $ 12.18
16 EnCap Investments United States Houston, TX $ 11.78
17 First Reserve Corporation United States Greenwich, CT $ 10.91
18 Ares Management United States Los Angeles $ 10.81
19 NGP Energy Capital Management United States Dallas $ 9.16
20 CPP Investment Board Canada Toronto $ 9.12
21 Golden Gate Capital United States San Francisco $ 9.00
22 Hellman & Friedman United States San Francisco $ 8.90
23 BC Partners United Kingdom London $ 8.63
24 Bridgepoint United Kingdom London $ 7.93
25 Nordic Capital Sweden Stockholm $ 7.74
26 PAI Partners France Paris $ 7.55
27 Silver Lake United States Menlo Park, CA $ 7.40
28 American Capital United States Bethesda, MD $ 7.34
29 Ardian (formerly AXA Private Equity) France Paris $ 7.10
30 Cinven United Kingdom London $ 7.02
31 Mount Kellett Capital United States New York $ 7.00
32 China Investment Corporation China Beijing $ 7.00
33 Clayton, Dubilier & Rice United States New York $ 6.93
34 Citi Capital Advisors United States New York $ 6.57
35 CDH Investments Hong Kong Hong Kong $ 6.51
36 Cerberus Capital Management United States New York $ 6.40
37 J.C. Flowers & Co. United States New York $ 6.36
38 TowerBrook Capital Partners United States New York $ 6.30
39 Leonard Green & Partners United States Los Angeles $ 6.25
40 EQT Partners Sweden Stockholm $ 6.21
41 Hony Capital China Beijing $ 6.21
42 WL Ross & Co. United States New York $ 6.20
43 Onex Canada Toronto $ 6.16
44 Sequoia Capital United States Menlo Park, CA $ 5.97
45 American Securities Capital Partners United States New York $ 5.97
46 TA Associates United States Boston $ 5.93
47 International Petroleum Investment Company United Arab Emirates Abu Dhabi $ 5.91
48 RRJ Capital Hong Kong Hong Kong $ 5.80
49 Hitec Vision AS Norway Stavanger $ 5.73
50 Energy Capital Partners United States Short Hills, NJ $ 5.70
DTC Lock again wow!! RVGD not to be trusted!
where is the PR for Fannie Mae?????
Battery market on the move!!!RVGD should follow!!!
Tesla to raise almost $2 billion for a $4B-$5B huge battery factory
By Katie Fehrenbacher February 26, 2014: 04:52 PM ET
http://money.cnn.com/news/newsfeeds/gigaom/articles/2014_02_26_tesla_to_raise_almost_2_billion_for_a_4b_5b_battery_gigafactory.html
(gigaom.com) -- Electric car maker Tesla on Tuesday announced plans to raise at least $1.6 billion (and as high as $1.84 billion) in a new offering of convertible senior notes to fund its planned battery producing “gigafactory” and to continue development of its third-generation lower priced electric car. The company said it plans to directly invest $2 billion into what it’s calling a gigafactory, one that would cost between $4 billion and $5 billion to build. Tesla partners are supposed to put up the rest of the funds for the factory, and previous reports have named Panasonic and Sanyo as some of those partners.
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Tesla said the future growth of its cars — which are powered by thousands of lithium-ion batteries packaged up into a battery pack — are constrained by world battery production. Musk has said that to produce 500,000 of its Gen-III cars per year, Tesla would need to build a factory that would have the equivalent of all of the world’s current production of lithium-ion batteries made just for Tesla. Tesla wants to be able to build 500,000 cars per year by at least 2020, but isn’t expected to ramp up production until 2017.
The battery factory will enable Tesla to lower the cost of the battery pack (per kilowatt hour) by 30 percent, Tesla said in a release. The total battery pack output will be 50 GW per year by 2020. The battery cell output will be 35 GW per year. Tesla hasn’t yet chosen a location for the 500 to 1,000-acre factory but says some contenders include Nevada, Texas, Arizona and New Mexico, and the factory will be built to use substantial clean power. The factory could create 6,500 jobs, said Tesla.
Half of the notes will be due in 2019 and the other half in 2021. Another $240 million will be made available to the underwriters to purchase in 30 days, meaning the offering could be up to $1.84 billion. More financial details of the offering can be found on Tesla’s website.
http://www.belowthelion.co.za/south-africa-parliament-introduces-bill-to-legalize-dagga/
The Medical Innovation Bill, a bill to legalize Cannabis in South Africa for medical, economic and industrial purposes, was introduced in parliament today.
The bill was submitted by Member of Parliament, Mario GR Oriani-Ambrosini from the Inkatha Freedom Party. The Medical Innovation Bill aims to make provision for innovations in medical treatments by legalising the use of cannabis for medical, economic and industrial purposes.
Last year Oriani-Ambrosini was diagnosed with stage four, inoperable lung cancer, which forms the background to this bill. People with life-threatening diseases such as cancer are legally denied access to a medicine that they could be growing themselves. Under current legislation, medical practitioners are legally denied the right to prescribe proven to be effective and harmless medication to their patients, which includes cannabis, on the basis that it hasn’t been approved in terms of the legally required double blind clinical studies.
However, such studies are often considered “economically” unviable. The profits in the pharmaceutical industry come from patents, and cannabis, a plant that’s in the public domain, can’t be patented. Oriani-Ambrosini said that millions of people were going through the hell of being a cancer patient, and die and suffer, possibly unnecessarily, because government was not funding research and expediting approval for treatments where there was no profit to be made. This results in unnecessary human suffering and death on a mass scale, with consequent immense social and economic costs.
That’s where the bill comes in. The bill’s objectives are to establish one or more research hospitals where medical innovation can take place, especially with regard to the treatment and cure of cancer. The bill would also legalize the medical, industrial and commercial use of dagga in South Africa in accordance with emerging world standards. The bill creates a dispensation that would only permit doctors in research hospitals that are authorized by the Minister of Health to prescribe and administer cannabis based medicine to South African patients.
Cannabis as a treatment for cancer has been well documented in the scientific community and the world is catching on; every day there are more and more cannabis and cancer success stories surfacing online. Last year Ambrosini publically stated that he was pursuing an alternative treatment to his cancer, and he had been doing so for a while. “At this point, I shall not speak or vouch for such a treatment, nor discredit it. My death or survival will do so”.
We certainly do live in interesting times.
The bill is available to view here, and the public is invited to comment. Please let us know what you think by leaving a comment below.
Watch the video of the bill being presented to parliament:
http://www.thestreet.com/story/12408093/1/california-pot-push-is-postponed.html
NEW YORK (TheStreet) -- California marijuana legalization efforts took a step back as proponents of what is seen as the ballot initiative with the best shot at success decided to call off their signature drive ahead of an April 18 deadline.
The Control, Regulate and Tax Marijuana Act would have allowed anyone over 21 to grow, own or give away up to an ounce of marijuana and grow up to four plants for personal use.
But backers of the proposal told The Los Angeles Times they lacked sufficient funding and would focus instead on getting a proposal on statewide ballots in 2016.
$200 million tax credit for companies that invest in advanced vehicles and infrastructure
President Obama will order the Environmental Protection Agency and the Department of Transportation to create and issue new fuel efficiency and greenhouse gas standards for trucks by the end of March 2016.
Obama will address the issue in remarks Tuesday at a Safeway distribution center in Upper Marlboro, Md.
White House officials say the new directive will build on a promise Obama made in his State of the Union address, and will cover both personal and commercial trucks. The order will also build on fuel efficiency and greenhouse gas standards issued by the administration in August 2011.
Under those standards, combination tractors, pickup trucks and vans, and vocational vehicles were required to reduce fuel consumption and emissions by between 10 and 20 percent. The White House claimed that the requirements would save a projected 530 million barrels of oil and save owners and operators more than $50 billion in fuel costs.
Obama will also call on Congress to end subsidies to oil and gas companies and create a fund for the research and development of so-called "advanced vehicle technologies," which power vehicles that run on alternate fuels, such as hydrogen and natural gas, as well as electric cars.
The president will also propose a new $200 million tax credit for companies that invest in advanced vehicles and infrastructure, as well as an extension of tax credits for companies developing new biofuels.
http://www.foxnews.com/politics/2014/02/18/obama-to-order-new-fuel-efficiency-greenhouse-gas-standards-for-trucks/
FINRA dark reporting plan approved but concerns remain
Mandatory alternative trading system (ATS) reporting will begin in April after a Financial Industry Regulatory Authority (FINRA) plan gained approval despite the US regulator making no changes suggested by the industry.
The Securities and Exchange Commission (SEC) has approved the plan, which will require ATSs to report weekly volume data on a security by security basis to FINRA, which will in turn publish the data on its website with a two-week delay for liquid instruments and four-week delay for less-liquid securities. ATSs will also be required to adopt market participant identifiers (MPIDs) for all FINRA reporting.
FINRA will work with the industry to finalise the way firms report, which will begin no later than 24 April, while the MPID requirement will be implemented sometime before November. However, FINRA has made no changes to the rules despite ten industry participants raising concerns during a consultation process.
Jim Toes, president and CEO of sell-side trade body the Securities Traders Association, who submitted a comment letter to the SEC on the FINRA plan, said his organisation backed the initiative, but maintained reservations around key details.
“Overall we're very supportive of more transparency in the market which this promotes, but we still have some concerns around the need to bifurcate the reporting process, which may complicate the process and lead to potential information leakage issues for illiquid securities,” he told theTRADEnews.com.
“The Street is working on so many compliance issues right now - from the Volcker rule to limit up-limit down - that we believe ATS reporting should be as simple as possible for market participants to deal with,” Toes said.
Fee issue
In a statement responding to industry comment letters that accompanied the revised filing on 15 January, FINRA said it would work with firms to develop a standard reporting format.
Under the scheme, FINRA will offer data for free on its website, but aims to charge for professional use. Seven of 10 comment letters from industry participants questioned the validity of such a fee and FINRA has responded by saying it will address issues relating to the fee in a separate regulatory filing.
Overall, there is widespread industry support for greater ATS transparency, which will be of particular benefit to asset managers.
“This will give the buy-side more data from which to judge sell-side order routing practices by showing execution volumes of all ATSs,” Joe Gawronski, president and COO of Rosenblatt Securities, which produces monthly reports on US dark pool volumes, told theTRADEnews.com.
“It does not break down the complex order routing process that characterises our markets today, but it will help asset managers by providing symbol by symbol execution data that can be used as one check on broker order outing practices,” he said.
FINRA initially drew up plans for the scheme after a major dark pool last year pulled its support from informal reporting through Rosenblatt and consultancy TABB Group, which also produced estimated dark pool volume reports.
Gawronski said FINRA should look to extend the universe of reporting venues beyond ATSs as pools operated by brokers acting as a single market maker and key internal pools operated by wholesalers are not required to report, although they facilitate execution away from exchanges.
“Expansion to non-displayed, off-exchange venues that are not registered ATSs, but which function similarly or are used in a like manner by market participants would further increase transparency around dark trading, to the advantage of the market as a whole,” Gawronski said.
Gawronski added Rosenblatt would benefit from having a more complete data set of ATSs volumes for its dark pool reports.
Testing powers
The SEC will also provide greater transparency of the US equities market through greater use of data monitoring tools, it's chair, Mary Jo White, said in a speech last week.
Speaking at a Securities Regulation Institute event, White said the use of new SEC data tools would empower the Commission to better police negative trading behavior and form new rules.
The National Exam Analytics Tool (NEAT), developed by the Commission’s Quantitative Analytics Unit, surveys large blocks of trading data faster than the SEC has ever done in the past. A recent exam analysed 17 million transactions over 36 hours, White said.
Another SEC tool, the Market Information Data Analytics System, or MIDAS, which came online last year, will also boost transparency and currently collects one billion data points of trading information daily, time stamped to the microsecond.
In coming weeks, the SEC will produce analysis of off-exchange trading, high-frequency activity and depth-of-book liquidity, based on data compiled by the MIDAS system.
“In this rapidly changing environment, we must stay on stop of advances in technology,” White said. “NEAT and MIDAS are important tools that will help us keep pace with evolving technology.”
Richard Henderson
+1 212 217 6916
richard.henderson@information-partners.com
http://www.thetradenews.com/news/Asset_Classes/Equities/FINRA_dark_reporting_plan_approved_but_concerns_remain.aspx
http://www.thetradenews.com/news/Asset_Classes/Equities/FINRA_dark_reporting_plan_approved_but_concerns_remain.aspx
FINRA dark reporting plan approved but concerns remain
Mandatory alternative trading system (ATS) reporting will begin in April after a Financial Industry Regulatory Authority (FINRA) plan gained approval despite the US regulator making no changes suggested by the industry.
The Securities and Exchange Commission (SEC) has approved the plan, which will require ATSs to report weekly volume data on a security by security basis to FINRA, which will in turn publish the data on its website with a two-week delay for liquid instruments and four-week delay for less-liquid securities. ATSs will also be required to adopt market participant identifiers (MPIDs) for all FINRA reporting.
FINRA will work with the industry to finalise the way firms report, which will begin no later than 24 April, while the MPID requirement will be implemented sometime before November. However, FINRA has made no changes to the rules despite ten industry participants raising concerns during a consultation process.
Jim Toes, president and CEO of sell-side trade body the Securities Traders Association, who submitted a comment letter to the SEC on the FINRA plan, said his organisation backed the initiative, but maintained reservations around key details.
“Overall we're very supportive of more transparency in the market which this promotes, but we still have some concerns around the need to bifurcate the reporting process, which may complicate the process and lead to potential information leakage issues for illiquid securities,” he told theTRADEnews.com.
“The Street is working on so many compliance issues right now - from the Volcker rule to limit up-limit down - that we believe ATS reporting should be as simple as possible for market participants to deal with,” Toes said.
Fee issue
In a statement responding to industry comment letters that accompanied the revised filing on 15 January, FINRA said it would work with firms to develop a standard reporting format.
Under the scheme, FINRA will offer data for free on its website, but aims to charge for professional use. Seven of 10 comment letters from industry participants questioned the validity of such a fee and FINRA has responded by saying it will address issues relating to the fee in a separate regulatory filing.
Overall, there is widespread industry support for greater ATS transparency, which will be of particular benefit to asset managers.
“This will give the buy-side more data from which to judge sell-side order routing practices by showing execution volumes of all ATSs,” Joe Gawronski, president and COO of Rosenblatt Securities, which produces monthly reports on US dark pool volumes, told theTRADEnews.com.
“It does not break down the complex order routing process that characterises our markets today, but it will help asset managers by providing symbol by symbol execution data that can be used as one check on broker order outing practices,” he said.
FINRA initially drew up plans for the scheme after a major dark pool last year pulled its support from informal reporting through Rosenblatt and consultancy TABB Group, which also produced estimated dark pool volume reports.
Gawronski said FINRA should look to extend the universe of reporting venues beyond ATSs as pools operated by brokers acting as a single market maker and key internal pools operated by wholesalers are not required to report, although they facilitate execution away from exchanges.
“Expansion to non-displayed, off-exchange venues that are not registered ATSs, but which function similarly or are used in a like manner by market participants would further increase transparency around dark trading, to the advantage of the market as a whole,” Gawronski said.
Gawronski added Rosenblatt would benefit from having a more complete data set of ATSs volumes for its dark pool reports.
Testing powers
The SEC will also provide greater transparency of the US equities market through greater use of data monitoring tools, it's chair, Mary Jo White, said in a speech last week.
Speaking at a Securities Regulation Institute event, White said the use of new SEC data tools would empower the Commission to better police negative trading behavior and form new rules.
The National Exam Analytics Tool (NEAT), developed by the Commission’s Quantitative Analytics Unit, surveys large blocks of trading data faster than the SEC has ever done in the past. A recent exam analysed 17 million transactions over 36 hours, White said.
Another SEC tool, the Market Information Data Analytics System, or MIDAS, which came online last year, will also boost transparency and currently collects one billion data points of trading information daily, time stamped to the microsecond.
In coming weeks, the SEC will produce analysis of off-exchange trading, high-frequency activity and depth-of-book liquidity, based on data compiled by the MIDAS system.
“In this rapidly changing environment, we must stay on stop of advances in technology,” White said. “NEAT and MIDAS are important tools that will help us keep pace with evolving technology.”
Richard Henderson
+1 212 217 6916
richard.henderson@information-partners.com
http://www.thetradenews.com/news/Asset_Classes/Equities/FINRA_dark_reporting_plan_approved_but_concerns_remain.aspx
FINRA dark reporting plan approved but concerns remain
Mandatory alternative trading system (ATS) reporting will begin in April after a Financial Industry Regulatory Authority (FINRA) plan gained approval despite the US regulator making no changes suggested by the industry.
The Securities and Exchange Commission (SEC) has approved the plan, which will require ATSs to report weekly volume data on a security by security basis to FINRA, which will in turn publish the data on its website with a two-week delay for liquid instruments and four-week delay for less-liquid securities. ATSs will also be required to adopt market participant identifiers (MPIDs) for all FINRA reporting.
FINRA will work with the industry to finalise the way firms report, which will begin no later than 24 April, while the MPID requirement will be implemented sometime before November. However, FINRA has made no changes to the rules despite ten industry participants raising concerns during a consultation process.
Jim Toes, president and CEO of sell-side trade body the Securities Traders Association, who submitted a comment letter to the SEC on the FINRA plan, said his organisation backed the initiative, but maintained reservations around key details.
“Overall we're very supportive of more transparency in the market which this promotes, but we still have some concerns around the need to bifurcate the reporting process, which may complicate the process and lead to potential information leakage issues for illiquid securities,” he told theTRADEnews.com.
“The Street is working on so many compliance issues right now - from the Volcker rule to limit up-limit down - that we believe ATS reporting should be as simple as possible for market participants to deal with,” Toes said.
Fee issue
In a statement responding to industry comment letters that accompanied the revised filing on 15 January, FINRA said it would work with firms to develop a standard reporting format.
Under the scheme, FINRA will offer data for free on its website, but aims to charge for professional use. Seven of 10 comment letters from industry participants questioned the validity of such a fee and FINRA has responded by saying it will address issues relating to the fee in a separate regulatory filing.
Overall, there is widespread industry support for greater ATS transparency, which will be of particular benefit to asset managers.
“This will give the buy-side more data from which to judge sell-side order routing practices by showing execution volumes of all ATSs,” Joe Gawronski, president and COO of Rosenblatt Securities, which produces monthly reports on US dark pool volumes, told theTRADEnews.com.
“It does not break down the complex order routing process that characterises our markets today, but it will help asset managers by providing symbol by symbol execution data that can be used as one check on broker order outing practices,” he said.
FINRA initially drew up plans for the scheme after a major dark pool last year pulled its support from informal reporting through Rosenblatt and consultancy TABB Group, which also produced estimated dark pool volume reports.
Gawronski said FINRA should look to extend the universe of reporting venues beyond ATSs as pools operated by brokers acting as a single market maker and key internal pools operated by wholesalers are not required to report, although they facilitate execution away from exchanges.
“Expansion to non-displayed, off-exchange venues that are not registered ATSs, but which function similarly or are used in a like manner by market participants would further increase transparency around dark trading, to the advantage of the market as a whole,” Gawronski said.
Gawronski added Rosenblatt would benefit from having a more complete data set of ATSs volumes for its dark pool reports.
Testing powers
The SEC will also provide greater transparency of the US equities market through greater use of data monitoring tools, it's chair, Mary Jo White, said in a speech last week.
Speaking at a Securities Regulation Institute event, White said the use of new SEC data tools would empower the Commission to better police negative trading behavior and form new rules.
The National Exam Analytics Tool (NEAT), developed by the Commission’s Quantitative Analytics Unit, surveys large blocks of trading data faster than the SEC has ever done in the past. A recent exam analysed 17 million transactions over 36 hours, White said.
Another SEC tool, the Market Information Data Analytics System, or MIDAS, which came online last year, will also boost transparency and currently collects one billion data points of trading information daily, time stamped to the microsecond.
In coming weeks, the SEC will produce analysis of off-exchange trading, high-frequency activity and depth-of-book liquidity, based on data compiled by the MIDAS system.
“In this rapidly changing environment, we must stay on stop of advances in technology,” White said. “NEAT and MIDAS are important tools that will help us keep pace with evolving technology.”
Richard Henderson
+1 212 217 6916
richard.henderson@information-partners.com
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370540714936#.UvEXA413vIU
SEC Continues Microcap Fraud Crackdown, Proactively Suspends Trading in 255 Dormant Shell Companies
FOR IMMEDIATE RELEASE
2014-21 Washington D.C., Feb. 3, 2014 — The Securities and Exchange Commission today announced the latest actions in its microcap fraud-fighting initiative known as Operation Shell-Expel, suspending trading in 255 dormant shell companies ripe for abuse in the over-the-counter market.
Pump-and-dump schemes are among the most common types of fraud involving microcap companies. Perpetrators will tout a thinly-traded microcap stock through false and misleading statements about the company to the marketplace. After purchasing low and pumping the stock price higher by creating the appearance of market activity, they dump the stock to make huge profits by selling it into the market at the higher price.
Since Operation Shell-Expel began in 2012, the SEC Enforcement Division’s Office of Market Intelligence has been cleaning up the microcap marketplace by scrutinizing penny stocks nationwide and identifying clearly inactive companies. This has enabled the SEC to proactively suspend trading in several hundred dormant shell companies before fraudsters have an opportunity to manipulate them.
“A frequent element in pump-and-dump schemes has been the use of dormant shells,” said Andrew J. Ceresney, director of the SEC Enforcement Division. “Because these shells all too often are used by those looking to manipulate stock prices, we will continue to protect unwary investors by suspending trading in shells.”
Today’s massive trading suspension involves dormant shell companies uncovered in 26 states and two foreign countries. Once a stock has been suspended from trading, it cannot be relisted unless the company provides updated financial information to prove it is still operational. It is extremely rare for a company to fulfill this requirement, so the trading suspension essentially renders the shells worthless and useless to scam artists.
“Policing this sector of the markets can be a challenge,” said Margaret Cain, a microcap specialist in the Office of Market Intelligence. “There is often little or no reliable information about a microcap issuer, and the sheer number of these companies stretches law enforcement resources thin and makes this sector particularly dangerous for investors. The approach we take with Operation Shell-Expel is both economical and efficient as the SEC continues its commitment to preventing microcap fraud.”
In addition to Ms. Cain, the Operation Shell-Expel initiative has been led by William Hankins, Robert Bernstein, Victoria Adraktas, Jessica P. Regan, Leigh Barrett, John Gibbons, and Megan Alcorn in the Office of Market Intelligence with assistance from the Enforcement Division’s Delinquent Filings Group. The SEC appreciates the assistance of the FBI’s Economic Crimes Unit.
'Massive trading suspension' highlights threat of penny stock frauds
http://www.latimes.com/business/money/la-fi-mo-in-massive-trading-suspension-sec-hopes-to-prevent-penny-stock-frauds-20140203,0,6754904.story#ixzz2sMvw85f1
NEW YORK — The nation's top securities regulator halted the buying and selling of 255 stocks in what the agency called a "massive trading suspension" to curtail a persistent investor fraud.
The U.S. Securities and Exchange Commission said Monday the suspensions — part of its "Operation Shell-Expel" — affects stocks of dormant companies based in 26 states and two foreign countries.
The action is part of a broader crackdown on fraud involving shares of small, or "micro-cap," companies. The SEC's worry is that the low-priced or "penny" stocks are ripe for abuse by fraudsters in so-called pump-and-dump schemes — akin to the massive fraud highlighted in Martin Scorsese's latest film "The Wolf of Wall Street."
In such scams, fraudsters artifically inflate the prices of shares of apparently inactive companies, then profit big by selling the stocks after they increase in value. The stocks in question are not traded on established exchanges but are bought and sold over the counter.
“A frequent element in pump-and-dump schemes has been the use of dormant shells,” Andrew Ceresney, the SEC's enforcement director, said in a statement. “Because these shells all too often are used by those looking to manipulate stock prices, we will continue to protect unwary investors by suspending trading in shells.”
The SEC's action highlights the continuing threat penny stock frauds pose to investors, long since the day of Jordan Belfort, whose 1990s scheme was brought to life in "The Wolf of Wall Street."
QUIZ: How much do you know about the stock market?
Belfort's company was called Stratton Oakmont. It was a Long Island, N.Y.-based brokerage that hyped penny stocks to unsuspecting investors largely using telephone calls.
The penny stock fraudsters of today, however, no longer need scores of brokers all in one room. They can span the globe and use the Internet to lure investors via email or post phony company financial statements online.
"The higher degree of technology has made it far easier for them to pull off these frauds," Doug Leff, assistant special agent in charge of white-collar criminal investigations at the FBI's office in New York, said in a recent interview. "It’s fair to say from the time of Belfort’s fraud that these things have evolved both in sophistication and in quantity.”
While the SEC's trading suspensions were technically temporary, the companies must meet a high bar to regain their listings. Companies must prove they are still operational, and the SEC said such resumptions in trading were "extremely rare."
Five of the companies subject to the SEC's action Monday were incorporated in California: Isonics Corp., Sunnylife Global Inc., 4-D Neuroimaging, First Mortgage Corp. and Tank Sports Inc.
“Policing this sector of the markets can be a challenge,” said Margaret Cain, a specialist in micro-cap stocks in the SEC's Office of Market Intelligence. "There is often little or no reliable information about a micro-cap issuer, and the sheer number of these companies stretches law enforcement resources thin and makes this sector particularly dangerous for investors."
http://www.latimes.com/business/money/la-fi-mo-in-massive-trading-suspension-sec-hopes-to-prevent-penny-stock-frauds-20140203,0,6754904.story#ixzz2sMxDGx70
'Massive trading suspension' highlights threat of penny stock frauds
http://www.latimes.com/business/money/la-fi-mo-in-massive-trading-suspension-sec-hopes-to-prevent-penny-stock-frauds-20140203,0,6754904.story#ixzz2sMvw85f1
NEW YORK — The nation's top securities regulator halted the buying and selling of 255 stocks in what the agency called a "massive trading suspension" to curtail a persistent investor fraud.
The U.S. Securities and Exchange Commission said Monday the suspensions — part of its "Operation Shell-Expel" — affects stocks of dormant companies based in 26 states and two foreign countries.
The action is part of a broader crackdown on fraud involving shares of small, or "micro-cap," companies. The SEC's worry is that the low-priced or "penny" stocks are ripe for abuse by fraudsters in so-called pump-and-dump schemes — akin to the massive fraud highlighted in Martin Scorsese's latest film "The Wolf of Wall Street."
In such scams, fraudsters artifically inflate the prices of shares of apparently inactive companies, then profit big by selling the stocks after they increase in value. The stocks in question are not traded on established exchanges but are bought and sold over the counter.
“A frequent element in pump-and-dump schemes has been the use of dormant shells,” Andrew Ceresney, the SEC's enforcement director, said in a statement. “Because these shells all too often are used by those looking to manipulate stock prices, we will continue to protect unwary investors by suspending trading in shells.”
The SEC's action highlights the continuing threat penny stock frauds pose to investors, long since the day of Jordan Belfort, whose 1990s scheme was brought to life in "The Wolf of Wall Street."
QUIZ: How much do you know about the stock market?
Belfort's company was called Stratton Oakmont. It was a Long Island, N.Y.-based brokerage that hyped penny stocks to unsuspecting investors largely using telephone calls.
The penny stock fraudsters of today, however, no longer need scores of brokers all in one room. They can span the globe and use the Internet to lure investors via email or post phony company financial statements online.
"The higher degree of technology has made it far easier for them to pull off these frauds," Doug Leff, assistant special agent in charge of white-collar criminal investigations at the FBI's office in New York, said in a recent interview. "It’s fair to say from the time of Belfort’s fraud that these things have evolved both in sophistication and in quantity.”
While the SEC's trading suspensions were technically temporary, the companies must meet a high bar to regain their listings. Companies must prove they are still operational, and the SEC said such resumptions in trading were "extremely rare."
Five of the companies subject to the SEC's action Monday were incorporated in California: Isonics Corp., Sunnylife Global Inc., 4-D Neuroimaging, First Mortgage Corp. and Tank Sports Inc.
“Policing this sector of the markets can be a challenge,” said Margaret Cain, a specialist in micro-cap stocks in the SEC's Office of Market Intelligence. "There is often little or no reliable information about a micro-cap issuer, and the sheer number of these companies stretches law enforcement resources thin and makes this sector particularly dangerous for investors."
http://www.latimes.com/business/money/la-fi-mo-in-massive-trading-suspension-sec-hopes-to-prevent-penny-stock-frauds-20140203,0,6754904.story#ixzz2sMvrDFYr
US PATENT NUMBER :8,616,175 B2
DATE PUBLISHED :DEC 31,2013
http://pdfpiw.uspto.gov/.piw?Docid=08616175&homeurl=http%3A%2F%2Fpatft.uspto.gov%2Fnetacgi%2Fnph-Parser%3FSect1%3DPTO2%2526Sect2%3DHITOFF%2526u%3D%25252Fnetahtml%25252FPTO%25252Fsearch-adv.htm%2526r%3D1%2526p%3D1%2526f%3DG%2526l%3D50%2526d%3DPTXT%2526S1%3D8,616,175%2526OS%3D%252B8,616,175%2526RS%3D8,616,175&PageNum=&Rtype=&SectionNum=&idkey=NONE&Input=View+first+page
YEP I agree its official Doug wont have to worry anymore!!! HIS Patent its official!!!
http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&r=1&p=1&f=G&l=50&d=PTXT&S1=8,616,175&OS=+8,616,175&RS=8,616,175
SEC Lifts Ban on General Solicitation and Advertising: What OTCQX, OTCQB and OTC Pink Companies Should Know
On September 23, the JOBS Act-mandated SEC rule permitting general solicitation and advertising of private offerings conducted under SEC Rules 506(c) and Rule 144A went into effect, opening a key door to capital for U.S. and global companies. We explain what the new rule means for OTCQX, OTCQB and OTC Pink companies, some issues companies should consider before engaging in general solicitation of a Rule 506(c) or Rule 144A offering, and what rules have still to be approved.
What do the new rules mean for OTCQX, OTCQB and OTC Pink companies?
Companies that are raising money in offerings under Rule 506(c) of Regulation D or Rule 144A of the Securities Act will now be able to share information publicly, including offering documents. This is a great step forward for improving access to capital and making secondary markets more efficient.
Previously, companies were banned from publicly disclosing information relating to securities offerings unless the offerings were registered with the SEC. Lifting the ban lifts the veil of secrecy that has existed in private offerings, allowing companies to be transparent about the money they are looking to raise in private offerings. In short, an S-1 registration statement is no longer the only means by which a company can raise money transparently.
Lifting the ban on transparency in private offerings will also aid in producing more efficient pricing for private and publicly-traded companies, as investors will be able to price in the performance of a private offering into a company’s valuation. It could create a standard for more companies to share information in the public markets, creating a virtuous circle for issuers and investors. Companies that are providing insight into their business operations and financials for the first time may be inclined to continue providing ongoing news and disclosure, whether on their website or through a public disclosure service like OTC Markets Group’s OTC Disclosure & News Service. This should lead to more efficient markets and a lower cost of capital for companies.
As an advocate for transparency in our public markets, OTC Markets Group strongly supports the added transparency these new rules bring to the private offering process, and we have proposed that the SEC mandate minimum disclosure requirements in Rule 506(c) offerings to create a baseline of disclosure for all companies.
To what companies does this apply?
The new rule applies to any qualifying U.S. or global company looking to raise money in a Rule 506(c) or Rule 144A offering. Rule 506 has traditionally been the most popular method by which companies raise capital in unregistered offerings. The SEC’s recent rule change created a new Rule 506(c) for companies seeking to take advantage of general solicitation and advertising in their offerings.
Rule 144A offerings are related to the resale of securities to qualified institutional buyers (“QIBs”), which are typically large institutions with over $100 million in assets under management. Rule 144A offerings are frequently used by international companies doing private offerings to U.S. investment managers. Lifting the restrictions on general solicitation in Rule 144A offerings should make global companies more comfortable distributing information into the U.S. market.
What is a verified, accredited investor and how do I verify if an investor is accredited?
While general solicitation of Rule 506(c) offerings is now permitted, purchasers in a Rule 506(c) offering must be “accredited investors.” The SEC defines the term “accredited investor” in Rule 501(a). Generally, individuals are considered accredited investors if they have a net worth greater than $1 million (excluding their primary residence) or incomes in excess of $200,000 in the last two years with the expectation of the same in the current year (or $300,000 with a spouse).
Under the new rule, companies are required to take “reasonable steps” to verify an investor is accredited by doing things like reviewing W-2 Forms or other personal financial statements of investors. This is likely to be an onerous process for companies and off-putting to many investors, so a number of investor accreditation-verification services have arisen to help companies surmount this challenge. Companies should talk to a qualified securities attorney prior to determining an investor’s accredited status.
How can I publicize my offering on the OTC Markets Group website and through the OTC Disclosure & News Service?
Companies that are current subscribers to our OTC Disclosure & News Service have the ability to publish company disclosure, including offering documents, prospectuses, investor presentations and other materials via www.otciq.com, our investor relations and market intelligence portal, which directly feeds to their quote page on www.otcmarkets.com and is distributed to market data distributors, financial information providers and our broker-dealer community. Companies should talk to a qualified securities attorney prior to posting any offering documents through the OTC Disclosure & News Service or otherwise.
OTC Disclosure & News Service subscribers that are also customers of PR Newswire or Marketwired may also use these news distribution services to issue press releases about news and offerings, which will be fed automatically to the company’s news page on OTC Markets Group’s websites, eliminating duplication and expanding distribution for these companies. These companies may also use www.otciq.com to distribute press releases through PR Newswire’s expansive network of local, national and Reg. FD compliant news portals – all at discounted rates.
Companies that are not current subscribers to our OTC Disclosure & News Service can find out more about the service here.
What rules have still to be approved?
In connection with the new rules permitting general solicitation and advertising, the SEC has proposed some amendments that would place theseplace additional restrictions and notification requirements on Rule 144A and Rule 506(c) offerings.
Among these is a proposal requiring companies to file an advance notice on a “Form D” with the SEC 15 days prior to engaging in general solicitation in a Rule 506(c) offering. This is in addition to an existing rule that requires companies file a Form D within 15 days after the date of the first sale of securities.
Another proposal would ban from Rule 506(c) offerings for one year any issuer that has failed to comply with Form D filing requirements within the past five years.
OTC Markets Group believes these restrictive rule proposals undermine Congress’ intent as expressed in the JOBS Act. The “Advance Form D” requirement and the complex nature of the Form D process may also leave companies in technical non-compliance with the rules, effectively shutting them out of the capital markets for a year. We detailed our objections to the new rule proposals in a comment letter to the SEC which you can read here.
Who should I talk to if I am considering generally soliciting investors in a Rule 506(c) or Rule 144A offering?
Companies should talk to a knowledgeable securities attorney if they are considering generally soliciting investors under the new rule.
Companies that have questions about how to publish offering documents and prospectuses on the OTC Markets Group website or through our OTC Disclosure & News Service after speaking with their attorney should contact OTC Markets Group’s Issuer Services division at +1 (212) 896-4420 or is@otcmarkets.com.
SEC Lifts Ban on General Solicitation and Advertising: What OTCQX, OTCQB and OTC Pink Companies Should Know
On September 23, the JOBS Act-mandated SEC rule permitting general solicitation and advertising of private offerings conducted under SEC Rules 506(c) and Rule 144A went into effect, opening a key door to capital for U.S. and global companies. We explain what the new rule means for OTCQX, OTCQB and OTC Pink companies, some issues companies should consider before engaging in general solicitation of a Rule 506(c) or Rule 144A offering, and what rules have still to be approved.
What do the new rules mean for OTCQX, OTCQB and OTC Pink companies?
Companies that are raising money in offerings under Rule 506(c) of Regulation D or Rule 144A of the Securities Act will now be able to share information publicly, including offering documents. This is a great step forward for improving access to capital and making secondary markets more efficient.
Previously, companies were banned from publicly disclosing information relating to securities offerings unless the offerings were registered with the SEC. Lifting the ban lifts the veil of secrecy that has existed in private offerings, allowing companies to be transparent about the money they are looking to raise in private offerings. In short, an S-1 registration statement is no longer the only means by which a company can raise money transparently.
Lifting the ban on transparency in private offerings will also aid in producing more efficient pricing for private and publicly-traded companies, as investors will be able to price in the performance of a private offering into a company’s valuation. It could create a standard for more companies to share information in the public markets, creating a virtuous circle for issuers and investors. Companies that are providing insight into their business operations and financials for the first time may be inclined to continue providing ongoing news and disclosure, whether on their website or through a public disclosure service like OTC Markets Group’s OTC Disclosure & News Service. This should lead to more efficient markets and a lower cost of capital for companies.
As an advocate for transparency in our public markets, OTC Markets Group strongly supports the added transparency these new rules bring to the private offering process, and we have proposed that the SEC mandate minimum disclosure requirements in Rule 506(c) offerings to create a baseline of disclosure for all companies.
To what companies does this apply?
The new rule applies to any qualifying U.S. or global company looking to raise money in a Rule 506(c) or Rule 144A offering. Rule 506 has traditionally been the most popular method by which companies raise capital in unregistered offerings. The SEC’s recent rule change created a new Rule 506(c) for companies seeking to take advantage of general solicitation and advertising in their offerings.
Rule 144A offerings are related to the resale of securities to qualified institutional buyers (“QIBs”), which are typically large institutions with over $100 million in assets under management. Rule 144A offerings are frequently used by international companies doing private offerings to U.S. investment managers. Lifting the restrictions on general solicitation in Rule 144A offerings should make global companies more comfortable distributing information into the U.S. market.
What is a verified, accredited investor and how do I verify if an investor is accredited?
While general solicitation of Rule 506(c) offerings is now permitted, purchasers in a Rule 506(c) offering must be “accredited investors.” The SEC defines the term “accredited investor” in Rule 501(a). Generally, individuals are considered accredited investors if they have a net worth greater than $1 million (excluding their primary residence) or incomes in excess of $200,000 in the last two years with the expectation of the same in the current year (or $300,000 with a spouse).
Under the new rule, companies are required to take “reasonable steps” to verify an investor is accredited by doing things like reviewing W-2 Forms or other personal financial statements of investors. This is likely to be an onerous process for companies and off-putting to many investors, so a number of investor accreditation-verification services have arisen to help companies surmount this challenge. Companies should talk to a qualified securities attorney prior to determining an investor’s accredited status.
How can I publicize my offering on the OTC Markets Group website and through the OTC Disclosure & News Service?
Companies that are current subscribers to our OTC Disclosure & News Service have the ability to publish company disclosure, including offering documents, prospectuses, investor presentations and other materials via www.otciq.com, our investor relations and market intelligence portal, which directly feeds to their quote page on www.otcmarkets.com and is distributed to market data distributors, financial information providers and our broker-dealer community. Companies should talk to a qualified securities attorney prior to posting any offering documents through the OTC Disclosure & News Service or otherwise.
OTC Disclosure & News Service subscribers that are also customers of PR Newswire or Marketwired may also use these news distribution services to issue press releases about news and offerings, which will be fed automatically to the company’s news page on OTC Markets Group’s websites, eliminating duplication and expanding distribution for these companies. These companies may also use www.otciq.com to distribute press releases through PR Newswire’s expansive network of local, national and Reg. FD compliant news portals – all at discounted rates.
Companies that are not current subscribers to our OTC Disclosure & News Service can find out more about the service here.
What rules have still to be approved?
In connection with the new rules permitting general solicitation and advertising, the SEC has proposed some amendments that would place theseplace additional restrictions and notification requirements on Rule 144A and Rule 506(c) offerings.
Among these is a proposal requiring companies to file an advance notice on a “Form D” with the SEC 15 days prior to engaging in general solicitation in a Rule 506(c) offering. This is in addition to an existing rule that requires companies file a Form D within 15 days after the date of the first sale of securities.
Another proposal would ban from Rule 506(c) offerings for one year any issuer that has failed to comply with Form D filing requirements within the past five years.
OTC Markets Group believes these restrictive rule proposals undermine Congress’ intent as expressed in the JOBS Act. The “Advance Form D” requirement and the complex nature of the Form D process may also leave companies in technical non-compliance with the rules, effectively shutting them out of the capital markets for a year. We detailed our objections to the new rule proposals in a comment letter to the SEC which you can read here.
Who should I talk to if I am considering generally soliciting investors in a Rule 506(c) or Rule 144A offering?
Companies should talk to a knowledgeable securities attorney if they are considering generally soliciting investors under the new rule.
Companies that have questions about how to publish offering documents and prospectuses on the OTC Markets Group website or through our OTC Disclosure & News Service after speaking with their attorney should contact OTC Markets Group’s Issuer Services division at +1 (212) 896-4420 or is@otcmarkets.com.
SEC Lifts Ban on General Solicitation and Advertising: What OTCQX, OTCQB and OTC Pink Companies Should Know
On September 23, the JOBS Act-mandated SEC rule permitting general solicitation and advertising of private offerings conducted under SEC Rules 506(c) and Rule 144A went into effect, opening a key door to capital for U.S. and global companies. We explain what the new rule means for OTCQX, OTCQB and OTC Pink companies, some issues companies should consider before engaging in general solicitation of a Rule 506(c) or Rule 144A offering, and what rules have still to be approved.
What do the new rules mean for OTCQX, OTCQB and OTC Pink companies?
Companies that are raising money in offerings under Rule 506(c) of Regulation D or Rule 144A of the Securities Act will now be able to share information publicly, including offering documents. This is a great step forward for improving access to capital and making secondary markets more efficient.
Previously, companies were banned from publicly disclosing information relating to securities offerings unless the offerings were registered with the SEC. Lifting the ban lifts the veil of secrecy that has existed in private offerings, allowing companies to be transparent about the money they are looking to raise in private offerings. In short, an S-1 registration statement is no longer the only means by which a company can raise money transparently.
Lifting the ban on transparency in private offerings will also aid in producing more efficient pricing for private and publicly-traded companies, as investors will be able to price in the performance of a private offering into a company’s valuation. It could create a standard for more companies to share information in the public markets, creating a virtuous circle for issuers and investors. Companies that are providing insight into their business operations and financials for the first time may be inclined to continue providing ongoing news and disclosure, whether on their website or through a public disclosure service like OTC Markets Group’s OTC Disclosure & News Service. This should lead to more efficient markets and a lower cost of capital for companies.
As an advocate for transparency in our public markets, OTC Markets Group strongly supports the added transparency these new rules bring to the private offering process, and we have proposed that the SEC mandate minimum disclosure requirements in Rule 506(c) offerings to create a baseline of disclosure for all companies.
To what companies does this apply?
The new rule applies to any qualifying U.S. or global company looking to raise money in a Rule 506(c) or Rule 144A offering. Rule 506 has traditionally been the most popular method by which companies raise capital in unregistered offerings. The SEC’s recent rule change created a new Rule 506(c) for companies seeking to take advantage of general solicitation and advertising in their offerings.
Rule 144A offerings are related to the resale of securities to qualified institutional buyers (“QIBs”), which are typically large institutions with over $100 million in assets under management. Rule 144A offerings are frequently used by international companies doing private offerings to U.S. investment managers. Lifting the restrictions on general solicitation in Rule 144A offerings should make global companies more comfortable distributing information into the U.S. market.
What is a verified, accredited investor and how do I verify if an investor is accredited?
While general solicitation of Rule 506(c) offerings is now permitted, purchasers in a Rule 506(c) offering must be “accredited investors.” The SEC defines the term “accredited investor” in Rule 501(a). Generally, individuals are considered accredited investors if they have a net worth greater than $1 million (excluding their primary residence) or incomes in excess of $200,000 in the last two years with the expectation of the same in the current year (or $300,000 with a spouse).
Under the new rule, companies are required to take “reasonable steps” to verify an investor is accredited by doing things like reviewing W-2 Forms or other personal financial statements of investors. This is likely to be an onerous process for companies and off-putting to many investors, so a number of investor accreditation-verification services have arisen to help companies surmount this challenge. Companies should talk to a qualified securities attorney prior to determining an investor’s accredited status.
How can I publicize my offering on the OTC Markets Group website and through the OTC Disclosure & News Service?
Companies that are current subscribers to our OTC Disclosure & News Service have the ability to publish company disclosure, including offering documents, prospectuses, investor presentations and other materials via www.otciq.com, our investor relations and market intelligence portal, which directly feeds to their quote page on www.otcmarkets.com and is distributed to market data distributors, financial information providers and our broker-dealer community. Companies should talk to a qualified securities attorney prior to posting any offering documents through the OTC Disclosure & News Service or otherwise.
OTC Disclosure & News Service subscribers that are also customers of PR Newswire or Marketwired may also use these news distribution services to issue press releases about news and offerings, which will be fed automatically to the company’s news page on OTC Markets Group’s websites, eliminating duplication and expanding distribution for these companies. These companies may also use www.otciq.com to distribute press releases through PR Newswire’s expansive network of local, national and Reg. FD compliant news portals – all at discounted rates.
Companies that are not current subscribers to our OTC Disclosure & News Service can find out more about the service here.
What rules have still to be approved?
In connection with the new rules permitting general solicitation and advertising, the SEC has proposed some amendments that would place theseplace additional restrictions and notification requirements on Rule 144A and Rule 506(c) offerings.
Among these is a proposal requiring companies to file an advance notice on a “Form D” with the SEC 15 days prior to engaging in general solicitation in a Rule 506(c) offering. This is in addition to an existing rule that requires companies file a Form D within 15 days after the date of the first sale of securities.
Another proposal would ban from Rule 506(c) offerings for one year any issuer that has failed to comply with Form D filing requirements within the past five years.
OTC Markets Group believes these restrictive rule proposals undermine Congress’ intent as expressed in the JOBS Act. The “Advance Form D” requirement and the complex nature of the Form D process may also leave companies in technical non-compliance with the rules, effectively shutting them out of the capital markets for a year. We detailed our objections to the new rule proposals in a comment letter to the SEC which you can read here.
Who should I talk to if I am considering generally soliciting investors in a Rule 506(c) or Rule 144A offering?
Companies should talk to a knowledgeable securities attorney if they are considering generally soliciting investors under the new rule.
Companies that have questions about how to publish offering documents and prospectuses on the OTC Markets Group website or through our OTC Disclosure & News Service after speaking with their attorney should contact OTC Markets Group’s Issuer Services division at +1 (212) 896-4420 or is@otcmarkets.com.
SEC Lifts Ban on General Solicitation and Advertising: What OTCQX, OTCQB and OTC Pink Companies Should Know
On September 23, the JOBS Act-mandated SEC rule permitting general solicitation and advertising of private offerings conducted under SEC Rules 506(c) and Rule 144A went into effect, opening a key door to capital for U.S. and global companies. We explain what the new rule means for OTCQX, OTCQB and OTC Pink companies, some issues companies should consider before engaging in general solicitation of a Rule 506(c) or Rule 144A offering, and what rules have still to be approved.
What do the new rules mean for OTCQX, OTCQB and OTC Pink companies?
Companies that are raising money in offerings under Rule 506(c) of Regulation D or Rule 144A of the Securities Act will now be able to share information publicly, including offering documents. This is a great step forward for improving access to capital and making secondary markets more efficient.
Previously, companies were banned from publicly disclosing information relating to securities offerings unless the offerings were registered with the SEC. Lifting the ban lifts the veil of secrecy that has existed in private offerings, allowing companies to be transparent about the money they are looking to raise in private offerings. In short, an S-1 registration statement is no longer the only means by which a company can raise money transparently.
Lifting the ban on transparency in private offerings will also aid in producing more efficient pricing for private and publicly-traded companies, as investors will be able to price in the performance of a private offering into a company’s valuation. It could create a standard for more companies to share information in the public markets, creating a virtuous circle for issuers and investors. Companies that are providing insight into their business operations and financials for the first time may be inclined to continue providing ongoing news and disclosure, whether on their website or through a public disclosure service like OTC Markets Group’s OTC Disclosure & News Service. This should lead to more efficient markets and a lower cost of capital for companies.
As an advocate for transparency in our public markets, OTC Markets Group strongly supports the added transparency these new rules bring to the private offering process, and we have proposed that the SEC mandate minimum disclosure requirements in Rule 506(c) offerings to create a baseline of disclosure for all companies.
To what companies does this apply?
The new rule applies to any qualifying U.S. or global company looking to raise money in a Rule 506(c) or Rule 144A offering. Rule 506 has traditionally been the most popular method by which companies raise capital in unregistered offerings. The SEC’s recent rule change created a new Rule 506(c) for companies seeking to take advantage of general solicitation and advertising in their offerings.
Rule 144A offerings are related to the resale of securities to qualified institutional buyers (“QIBs”), which are typically large institutions with over $100 million in assets under management. Rule 144A offerings are frequently used by international companies doing private offerings to U.S. investment managers. Lifting the restrictions on general solicitation in Rule 144A offerings should make global companies more comfortable distributing information into the U.S. market.
What is a verified, accredited investor and how do I verify if an investor is accredited?
While general solicitation of Rule 506(c) offerings is now permitted, purchasers in a Rule 506(c) offering must be “accredited investors.” The SEC defines the term “accredited investor” in Rule 501(a). Generally, individuals are considered accredited investors if they have a net worth greater than $1 million (excluding their primary residence) or incomes in excess of $200,000 in the last two years with the expectation of the same in the current year (or $300,000 with a spouse).
Under the new rule, companies are required to take “reasonable steps” to verify an investor is accredited by doing things like reviewing W-2 Forms or other personal financial statements of investors. This is likely to be an onerous process for companies and off-putting to many investors, so a number of investor accreditation-verification services have arisen to help companies surmount this challenge. Companies should talk to a qualified securities attorney prior to determining an investor’s accredited status.
How can I publicize my offering on the OTC Markets Group website and through the OTC Disclosure & News Service?
Companies that are current subscribers to our OTC Disclosure & News Service have the ability to publish company disclosure, including offering documents, prospectuses, investor presentations and other materials via www.otciq.com, our investor relations and market intelligence portal, which directly feeds to their quote page on www.otcmarkets.com and is distributed to market data distributors, financial information providers and our broker-dealer community. Companies should talk to a qualified securities attorney prior to posting any offering documents through the OTC Disclosure & News Service or otherwise.
OTC Disclosure & News Service subscribers that are also customers of PR Newswire or Marketwired may also use these news distribution services to issue press releases about news and offerings, which will be fed automatically to the company’s news page on OTC Markets Group’s websites, eliminating duplication and expanding distribution for these companies. These companies may also use www.otciq.com to distribute press releases through PR Newswire’s expansive network of local, national and Reg. FD compliant news portals – all at discounted rates.
Companies that are not current subscribers to our OTC Disclosure & News Service can find out more about the service here.
What rules have still to be approved?
In connection with the new rules permitting general solicitation and advertising, the SEC has proposed some amendments that would place theseplace additional restrictions and notification requirements on Rule 144A and Rule 506(c) offerings.
Among these is a proposal requiring companies to file an advance notice on a “Form D” with the SEC 15 days prior to engaging in general solicitation in a Rule 506(c) offering. This is in addition to an existing rule that requires companies file a Form D within 15 days after the date of the first sale of securities.
Another proposal would ban from Rule 506(c) offerings for one year any issuer that has failed to comply with Form D filing requirements within the past five years.
OTC Markets Group believes these restrictive rule proposals undermine Congress’ intent as expressed in the JOBS Act. The “Advance Form D” requirement and the complex nature of the Form D process may also leave companies in technical non-compliance with the rules, effectively shutting them out of the capital markets for a year. We detailed our objections to the new rule proposals in a comment letter to the SEC which you can read here.
Who should I talk to if I am considering generally soliciting investors in a Rule 506(c) or Rule 144A offering?
Companies should talk to a knowledgeable securities attorney if they are considering generally soliciting investors under the new rule.
Companies that have questions about how to publish offering documents and prospectuses on the OTC Markets Group website or through our OTC Disclosure & News Service after speaking with their attorney should contact OTC Markets Group’s Issuer Services division at +1 (212) 896-4420 or is@otcmarkets.com.
http://finance.yahoo.com/news/u-sec-release-long-awaited-105956761.html
U.S. SEC to release long-awaited "crowdfunding" rule
By Sarah N. Lynch
WASHINGTON, Oct 23 (Reuters) - Entrepreneurs and start-up companies looking for backing will be able to solicit small investments over the Internet from the general public under a new proposal to be released by U.S. regulators on Wednesday.
The Securities and Exchange Commission's "crowdfunding" plan is a requirement in the Jumpstart Our Business Startups (JOBS) Act, a 2012 law enacted with wide bipartisan support that relaxes federal regulations to help spur small business growth.
Equity crowdfunding lets small companies raise money by pooling together tiny investments from people around the country in exchange for a potential financial return.
If adopted by the five-member SEC, the rule would be a major shift in how small U.S. companies can raise money in the private securities market.
Private companies are now only allowed to solicit investors deemed to be "accredited," meaning they have a net worth of $1 million, excluding the value of their home, or an individual annual income over $200,000. The crowdfunding rule would let small businesses raise over $1 million a year by tapping unaccredited investors.
Companies could sell stakes to mom-and-pop investors without registering the securities with the SEC, a move designed to make it cheaper and less cumbersome for struggling startups trying to get their businesses off the ground. They would still be required to raise the money through regulated broker-dealers such as CircleUp or through crowdfunding portals.
How many entities might register as crowdfunding portals is still unknown, as many are holding off making any decisions until they see how the SEC's rules shape up.
Companies using crowdfunding would also have to make some disclosures about their businesses, and how much they could raise from an unaccredited investor would be limited based on certain income thresholds.
The prospect of opening up capital raising to a wider swath of investors has excited many startups.
But the SEC has struggled with how to craft a workable rule that strikes a balance between helping to knock down barriers for startups, while also protecting investors from fraud.
Prior to Congress passing the law, a raft of measures were added to the bill that investors advocates say will help protect consumers.
One provision requires companies raising more than $500,000 through crowdfunding to provide audited financial statements. The measure is designed to give investors more information about the deal. But critics say it is simply too expensive, noting many startups do not have the money to hire lawyers or accountants to help them.
Another area that advocates of crowdfunding will be watching carefully is how the SEC ensures investors do not exceed the limits on how much they can contribute. The law says investors with a net worth or income of less than $100,000 can only contribute $2,000, or 5 percent, of their income. Those with a net worth or income over $100,000 can contribute more.
Many experts have argued that companies and crowdfunding portals should not have to verify income and net worth, saying it would be too cost-prohibitive. Industry experts are expecting the SEC to consider easing this burden by allowing them to simply rely on the information that investors provide.
https://tts.sec.gov/oiea/QuestionsAndComments.html
If you have a question about your investment, investment account, or financial professional
contact the SEC complaint center and fill out SEC question complaint form and send it in
Why would SEC suspend trading in penny stocks?
Regulators always on prowl for manipulators of thinly traded shares of shell companies.
(Photo: Chip Somodevilla, Getty Images)
Story Highlights
The SEC has been halting trading in penny shell stocks
Regulators are trying to curb crime before it happens
Investors are best avoiding shell companies anyway
SHARE 9 CONNECT 14 TWEET 1 COMMENTEMAILMORE
Q: Is it fair for the SEC to suspend trading in penny stocks?
A: Stopping crimes before they happen might sound like it's out of science fiction. But that's been an increasing goal of the Securities and Exchange Commission.
Rather than waiting for a swindler to take millions from investors, the SEC is trying to find scams in the making. And one of the most popular vehicles for scammers to separate people from their money are stocks that remain trading on marketplaces that don't have a company associated with them.
Due to the way the financial system is set up, it's possible for a public company's shares to keep trading on online marketplaces long after the company is gone. These "shell companies" are popular targets with scammers, who buy the stock, change the name, manipulate the shares and them dump the worthless stock on investors.
It's one of the oldest fraud tricks in the book and one that the SEC seems determined to curb, at least a bit. Back in 2012, the SEC shut down trading in nearly 400 microcap stocks that it said were ripe for manipulation. More recently, the SEC shut down trading in seven microcap companies. The goal is to close these shells before they fall into the hands of a scammer.
The goal of investors is to never get near any of the stocks that are to be shut down. The stocks that get tossed out are usually thinly traded shares of companies with no assets and no financial statements that don't trade on an exchange.
Investors can protect themselves from scammers by focusing on investing possibilities in companies with audited and timely financial statements that are listed on the New York Stock Exchange or Nasdaq.
http://www.usatoday.com/story/money/columnist/krantz/2013/10/10/penny-stock-suspend/2885621/
http://www.usatoday.com/story/money/columnist/krantz/2013/10/10/penny-stock-suspend/2885621/
Why would SEC suspend trading in penny stocks?
Regulators always on prowl for manipulators of thinly traded shares of shell companies.
(Photo: Chip Somodevilla, Getty Images)
Story Highlights
The SEC has been halting trading in penny shell stocks
Regulators are trying to curb crime before it happens
Investors are best avoiding shell companies anyway
SHARE 9 CONNECT 14 TWEET 1 COMMENTEMAILMORE
Q: Is it fair for the SEC to suspend trading in penny stocks?
A: Stopping crimes before they happen might sound like it's out of science fiction. But that's been an increasing goal of the Securities and Exchange Commission.
Rather than waiting for a swindler to take millions from investors, the SEC is trying to find scams in the making. And one of the most popular vehicles for scammers to separate people from their money are stocks that remain trading on marketplaces that don't have a company associated with them.
Due to the way the financial system is set up, it's possible for a public company's shares to keep trading on online marketplaces long after the company is gone. These "shell companies" are popular targets with scammers, who buy the stock, change the name, manipulate the shares and them dump the worthless stock on investors.
It's one of the oldest fraud tricks in the book and one that the SEC seems determined to curb, at least a bit. Back in 2012, the SEC shut down trading in nearly 400 microcap stocks that it said were ripe for manipulation. More recently, the SEC shut down trading in seven microcap companies. The goal is to close these shells before they fall into the hands of a scammer.
The goal of investors is to never get near any of the stocks that are to be shut down. The stocks that get tossed out are usually thinly traded shares of companies with no assets and no financial statements that don't trade on an exchange.
Investors can protect themselves from scammers by focusing on investing possibilities in companies with audited and timely financial statements that are listed on the New York Stock Exchange or Nasdaq.
PIGS are falling from the sky both RVGD websites are taken down LOL!
http://www.usatoday.com/story/money/columnist/krantz/2013/10/10/penny-stock-suspend/2885621/
Regulators always on prowl for manipulators of thinly traded shares of shell companies.
Q: Is it fair for the SEC to suspend trading in penny stocks?
A: Stopping crimes before they happen might sound like it's out of science fiction. But that's been an increasing goal of the Securities and Exchange Commission.
Rather than waiting for a swindler to take millions from investors, the SEC is trying to find scams in the making. And one of the most popular vehicles for scammers to separate people from their money are stocks that remain trading on marketplaces that don't have a company associated with them.
Due to the way the financial system is set up, it's possible for a public company's shares to keep trading on online marketplaces long after the company is gone. These "shell companies" are popular targets with scammers, who buy the stock, change the name, manipulate the shares and them dump the worthless stock on investors.
It's one of the oldest fraud tricks in the book and one that the SEC seems determined to curb, at least a bit. Back in 2012, the SEC shut down trading in nearly 400 microcap stocks that it said were ripe for manipulation. More recently, the SEC shut down trading in seven microcap companies. The goal is to close these shells before they fall into the hands of a scammer.
The goal of investors is to never get near any of the stocks that are to be shut down. The stocks that get tossed out are usually thinly traded shares of companies with no assets and no financial statements that don't trade on an exchange.
Investors can protect themselves from scammers by focusing on investing possibilities in companies with audited and timely financial statements that are listed on the New York Stock Exchange or Nasdaq.
Best thing to do is contact the SEC securities exchange commission
Useful SEC Contact Information
Personnel Locator:
(202) 551-6000
SEC Toll-Free Investor Information Service:
1-800-SEC-0330
Public Document Requests:
(202) 551-8090
To request a public document, please see "How to Request Public Documents."
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To request accommodations for public programs or access to SEC information in alternate formats send email to DisabilityProgramOfficer@sec.gov or call 202-551-4119
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For press inquiries
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Submit your request for certified documents via the Certified Document Form: https://www.sec.gov/forms/request_cert_docs.
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See Division of Corporation Finance: Directory of Division Offices
Division of Investment Management:
See Division of Investment Management: Directory of Telephone Numbers and E-Mail Addresses
Division of Trading and Markets, Office of Interpretation and Guidance:
202-551-5777
EDGAR Filer Support:
(202) 551-8900
EDGAR Filing Fee Information:
(202) 551-8989
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(202) 551-6551
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(212) 336-9080
Office of Municipal Securities:
(202) 551-5680
Regional Offices:
See SEC Addresses: HQ and Regional Offices
Branch of Registrations and Examinations:
(202) 551-7250
Office of the Secretary:
(202) 551-5400
Office of Small Business — Small Business Ombudsman; Division of Corporation Finance:
(202) 551-3460
Equal Employment Opportunity (EEO) Office:
(202) 551-6040
http://www.sec.gov/contact/phones.htm
http://www.otcmarkets.com/stock/RVGD/company-info
Your Market Value1 $191,327,794 but you cant pay henry county 300,000 loan back, yeah ok lmao!!!
15C-211
http://www.sec.gov/news/extra/micro15c.txt
Reproposal of Amendments to Rule 15c2-11
Fact Sheet
2/19/99
PROBLEM: Quotations can be integral to fraudulent schemes
involving microcap securities. Retail brokers "hyping" a
microcap security may point to a market maker's quotation as
indicating the security's value to a potential customer. The
Commission is concerned about the role of these quotations
because most market makers for unlisted securities may publish
quotations without reviewing information about the issuer.
* Microcap securities often are thinly-traded and their
issuers have minimal or no assets. Many of these securities
trade in the unlisted over-the-counter market, i.e., they are not
listed on an exchange or Nasdaq, but are quoted in systems like
the NASD's OTC Bulletin Board or the National Quotation Bureau's
"Pink Sheets".
RESPONSE: In February, 1998, the Commission proposed amendments
to Rule 15c2-11 under the Exchange Act to require all market
makers initiating quotations for unlisted securities in a
quotation medium to review information about the issuer, and to
review updated information annually if they are publishing priced
quotations. The Commission is now reproposing amendments that
are substantially similar to the original ones, but they will
apply to a smaller group of securities -- ones that are more
likely to be prone to fraud and manipulation. Also, the
reproposal applies primarily to priced quotations. This narrowed
scope responds to commenters' concerns and should reduce
compliance costs.
HOW RULE 15c2-11 WORKS NOW: Rule 15c2-11 requires market makers
to review basic issuer information prior to publishing quotations
for that issuer's securities. Market makers must have a
reasonable basis for believing that the information is accurate
and from reliable sources. The Rule describes the kind of
information that the broker-dealer must review.
The problem with the current Rule is that once one market
maker has published quotations for a security for at least 30
days, other market makers can publish quotations for the security
without reviewing any information (i.e., they can "piggyback"
onto the quotes of the first market maker). Market makers then
can quote indefinitely without reviewing any updated information
(unless the Commission suspends trading in the security).
REPROPOSED AMENDMENTS: The reproposed amendments will require
market makers to review issuer information before initiating
priced quotes for unlisted securities (i.e., "piggybacking" would
be eliminated). In short, they will have to "stop, look and
listen" before starting to place priced quotes for an unlisted
security in a quotation system.
In addition, market makers publishing priced quotations will
have to review updated information annually. Market makers will
also have to document their review and record information
regarding any significant relationships that they have with the
issuer or others, including the receipt of
--more--
15c2-11 Fact Sheet
Page 2
any compensation to make a market. In one respect, the
reproposal does not differ from the current Rule; the first
market maker to publish a quote, priced or unpriced, will have to
review the specified issuer information.
The reproposal also limits the scope of the Rule to
securities that are more likely to be targets of microcap fraud.
Under the reproposal, market makers quoting the following
securities would not have to comply with the Rule:
* securities with a worldwide average daily trading volume
value of at least $100,000 during each of the six full calendar
months immediately preceding the date of publication of a
quotation, and convertible securities where the underlying
security satisfies this threshold;
* securities with a bid price of at least $50 per share;
* securities of issuers with net tangible assets in excess of
$10,000,000, based on audited financial statements; and
* non-convertible debt, non-participatory preferred stock, and
investment grade asset-backed securities.
The Commission also is publishing an Appendix to the
reproposal that gives guidance to broker-dealers on their review
obligations under the current rule and lists "red flags" that
they should look for when reviewing the issuer information under
the reproposal if adopted. These red flags should alert market
makers to the potential for fraud involving the issuer of the
security.
The issuer information that market makers would need to
review is readily available for issuers that file periodic
reports with the Commission (i.e., reporting companies). For non-
reporting companies, market makers would have to obtain more
information than Rule 15c2-11 currently requires, including more
information about the issuer's insiders, control persons and
promoters and about recent significant events involving the
issuer. Importantly, market makers will have to provide non-
reporting issuer information to customers that request it.
The proposals generally target the unlisted securities
market. By requiring all market makers to review issuer
information, they may be deterred from becoming knowing or
unwitting participants in fraudulent schemes.
# # #
http://www.greencarreports.com/news/1086989_gm-developing-tesla-model-e-rival-200-mile-30000-electric-car
GM Developing Tesla Model E Rival: 200-Mile, $30,000 Electric Car?
So far, the Tesla Model S is alone among plug-in electric cars in providing 200 miles or more of electric range.
But as Tesla Motors [NSDQ:TSLA] prepares to roll out its more affordable Model E late in 2016, it may face serious competition from General Motors.
GM is developing a Tesla-rivaling car that can go 200 miles on a charge and would cost $30,000, The Wall Street Journal reports.
(Tesla CEO Elon Musk later tweeted, "Am happy to hear that GM plans to develop an affordable 200 mile range electric car. Right target. Hope others do same.")
But while the General has the technology to build this new electric car, it won't go on sale particularly soon--due to high battery costs, said Douglas Parks, GM's vice president of global product programs.
He made the comments at a ceremony opening an expansion of GM's battery test lab at the company's Technical Center in Warren, Michigan.
Tesla is widely thought to have the lowest battery cost per kilowatt-hour of any plug-in electric carmaker.
It uses thousands of Panasonic "commodity" cells, specially designed to be even less expensive than the ones used in your laptop, and has many patents on this unique approach--which is not presently used by any other automaker.
This isn't the first time GM has discussed an electric car with a 200-mile range range that would sell for the price of a nicely-equipped mid-size Malibu.
Back in March, GM CEO Dan Akerson confirmed that his company was working on such a car, citing breakthroughs in battery technology "on the horizon" that would make it possible.
One such breakthrough may come from Envia Systems, a Newark, California-based company in which GM invested $17 million in 2011.
Envia specializes in lithium-ion cathode technology, and claims it can create batteries with greater energy density.
Specifically, Envia has claimed an energy density of 400 watt-hours per kilogram--much higher than the 140 watt-hours per kilogram of the Nissan Leaf's battery pack.
GM may be waiting for this battery technology to become available for its Tesla rival, rather than using the same LG Chem cells as the Chevrolet Volt and Cadillac ELR.
Currently, GM's only battery-electric car is the Chevrolet Spark EV, which has a maximum range of 82 miles and starts at $26,685.
http://finance.yahoo.com/news/gm-planning-200-mile-battery-210000474.html
General Motors (GM) plans to more than double the range of the typical electric vehicle-while also sharply driving down the cost, according to a senior official.
But with mounting concerns about the slow consumer response to the first wave of battery electric vehicles, Doug Parks, GM's global product development chief, cautioned The Associated Press that it was not yet sure if or when such a vehicle-projected to cost just $30,000-would ever go into production.
A vehicle delivering 200 mile range would come close to the range of the Tesla (TSLA) Model S, which is offered with a choice of several battery packs, including an extended-range version that can reach as much as 265 miles on a charge, according to the EPA.
It would also be about twice the range of the $26,685 Chevrolet Spark, which offers only about 82 miles on a single charge-in line with most other current battery-electric vehicles, or BEVs, including the Nissan (Tokyo Stock Exchange: 7201.T-JP) Leaf and Ford (NYSE:F) Focus EV. Along with their high price tag, studies show that so-called "range anxiety" is the single biggest concern about plug-based vehicles.
Tesla has won significant accolades-and growing sales-by pushing battery range closer to that of a conventional vehicle. It received the highest test score ever from Consumer Reports magazine, for one thing, and sales this year have consistently exceeded the maker's own forecasts. This has helped Tesla beat first and second-quarter earnings expectations even as other manufacturers have fallen well short of initial sales targets for models like the Chevrolet Volt plug-in hybrid and Nissan Leaf battery-electric.
But the Model S also carries a steep premium, the top-range model starting at $71,000 and running to more than $100,000 when fully optioned up. Tesla CEO Elon Musk has revealed plans to drop that price substantially when a more mainstream model is introduced something after mid-decade.
"Their pricing is up there for a real unique customer," Parks said of the Tesla Model S. "The real trick will be who can do a 200-mile car for more of the price range I'm talking about. We're all in races to do that."
GM earlier this year launched an internal study of Tesla's products, strategies and capabilities. It is unclear how much that study might influence the development of a vehicle delivering a 200-mile range. One critical difference between the two makers is that Tesla relies on relatively conventional-and widely available-D-cell-style lithium-ion batteries that are mounted into a flat platform underneath the Model S passenger compartment.
(Read more: Electric car future 'definitely coming,' Lutz says )
The Chevy Volt uses a custom-made, T-shaped lithium battery pack that intrudes into the passenger compartment itself. The Spark, meanwhile, squeezes batteries under the car's sheet metal. Those designs would make it difficult to fit a pack large enough to deliver 200 miles range without major breakthroughs in boosting energy density-or amount of power a battery can store in a given mass.
(Read more: Why the Tesla S may be a game-changer)
Park's comments coincided with the opening of GM's expanded Detroit battery lab, one of its three global research facilities. That facility is being used to test current battery technologies and to help design more advanced batteries, as well as the systems needed to charge them. GM, along with German maker BMW recently became the first two companies to adopt a new plug that could accelerate the roll-out of high-speed charging systems,
That's another factor, along with price and range, considered critical to more widespread adoption of battery power. Currently, all forms of electrified vehicles, from conventional hybrids to pure BEVs, account for barely 4 percent of the total U.S. new vehicle market. And plug-based offerings are a mere 0.3 percent share, according to data from J.D. Power and Associates.
The Company’s Articles of Incorporation give the Company’s Board of Directors blank check authority to issue the Company’s Common Stock, which in certain circumstances could be used to delay, defer or prevent a change in control of the issuer. At the date hereof, all 500,000,000 authorized shares of the Company’s Common Stock are designated as Common Stock, of which 375,152,538 shares are issued and outstanding.
Item 6 The number of shares or total amount of the securities outstanding for each class of securities authorized.
Definition of 'Blank Check Preferred Stock'
A method companies use to simplify the process of creating new classes of preferred stock to raise additional funds from sophisticated investors without obtaining separate shareholder approval.
Investopedia explains 'Blank Check Preferred Stock'
To do this a company must amend its articles of incorporation to create a class of un-issued shares of preferred stock whose terms and conditions may be expressly determined by the company's board of directors.
This kind of stock can also be created by a public company as a takeover defense in the event of a hostile bid for the company (poison pill).
RVGD Market Value $191,327,794
http://www.otcmarkets.com/stock/RVGD/company-info
yeah right you sold nothing to the public market but yet your worth millions where did that number come from lmao!
Tesla builds cars in the US and overseas to expand their company, unlike Revenge which took 300,000 from the state,(swindled investors!) and came to the auto show with a car that wasnt even finished what a joke lmao!
Absolutely correct they cant compete with a real car company look at Tesla startup company is blowing off even veteran car companies out of the water lmao!! Wow Revenge take notes!!!
http://editorial.autos.msn.com/blogs/post--tesla-outsells-porsche-jaguar-in-california-market-value-tops-dollar20-billion?icid=autos_4681
Tesla outsells Porsche, Jaguar in California; market value tops $20 billion
Since launching in 2003, Tesla has – against all odds and predictions – taken the almost obscure concept of electric-powered vehicles mainstream.
After 10 long years of production, but only three years as a publicly traded company, Tesla's market value hit a record high of $20 billion at the beginning of this week. Heck, you might not believe it, but with just one model, the company is outselling Porsche in Tesla's home state of California. According to a report from the California New Car Dealers Association, more Californians have registered a new Tesla through the first half of the year than a new Cadillac, Buick, Volvo, Chrysler, Fiat, Mitsubishi, Lincoln, Land Rover or Jaguar. So what's going on?
Change takes time. For years, environmental activists have pushed to reduce energy consumption and cut down on non-biodegradable items, such as plastic bags, that consumers use. Only now, after what feels like more than a decade of struggle and public-service announcements, are people bringing their own bags to the supermarket.
So it follows that after its own 10-year struggle, Tesla is finally reporting profits – albeit not from its automotive sales but from special revenue sources – and making a real name for itself. We don’t need to tell you that building cars in a market full of nothing but very big players is a heck of a lot harder than bringing a bag to the supermarket.
This has proved a good year for Tesla, with the Model S being labeled Motor Trend’s and Automobile Magazine's 2013 Car of the Year, among other honors. During the first quarter of 2013, roughly 4,900 Model S cars were sold in the U.S., making it the top-selling plug-in electric car in North America, ahead of the Chevrolet Volt and the Nissan Leaf.
For the remainder of 2013, Tesla intends to deliver 21,000 Model S sedans and projects doubling that figure that in 2014. According to CEO Elon Musk, the demand for the Model S currently exceeds Tesla's ability to make it.
Despite low expectations from independent auto analysts, Tesla has big plans. Slated for production in 2014 is the Model X CUV, which received a warm welcome at its 2012 unveiling at Tesla's design studios in Hawthorne, Calif. There have even been talks of building family-sized minivans and an electric pickup truck.
The sky is the limit for Tesla, as long as the company continues recording profits and cranking out its Model S. Maybe now it can figure out a way to reduce the sticker price so that the common folk can be a little more "green" themselves.
New company?? LMAO!!! now thats funny, how will you get that with $34 dollars as your market cap???????? lmao!!!! simply hilarious!!!
http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=RVGD:US&sid=alOAKCxPY09k
Revenge Designs Inc. 2011 Company Update
Revenge Designs Inc. 2011 Company Update
DECATUR, IN -- (Marketwire) -- 02/04/11 -- Revenge Designs Inc. (PINKSHEETS: RVGD)
Revenge Designs is announcing that in the near future the company will be vacating its Decatur Indiana building and relocating to suitable offices in Michigan. The Decatur property will be offered for sale or lease depending on the inquiry.
Here at Revenge Designs, anticipation is growing as to the production of the RSC Blade Supercar. The company is proud to have designed such an inspiring new vehicle, which will go into production through Revenge Supercars llc in 2012.
Revenge Designs will receive a royalty dividend for each vehicle produced and have been informed the first production run is scheduled for 4000 vehicles. The amount of royalty dividend will be announced at a later date. Revenge Designs will also receive a dividend for all future designs that go into production.
Revenge Designs is looking forward in 2011 to continue with all aspects of the company including our award winning vehicle designs and OEM replacement parts for the Pontiac GTO, Honda Ridgeline and Solstice hard top wagon as we move forward with continued success.
"SUCCESS IS THE ULTIMATE REVENGE"
Revenge Designs Inc., a specialty car designer and production assembler, is headquartered in a facility in Indiana. Mr. Peter Collorafi is a designer from Queensland, Australia. Mr. Collorafi has been designing and installing custom modifications for factory produced vehicles since 1980. Their products include the Revenge Solstice, Revenge Ridgeline and the award winning Revenge GTO. For more information please contact 260 223 5590 team@revengedesignsinc.com and www.revengedesignsinc.com
Revenge Designs 260 223 5590 team@revengedesignsinc.com www.revengedesignsinc.com
cant get a dividend with a bankrupt company