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Some extra info....
The OTCBB operates as a dealer system. As a result, all securities being quoted on the OTCBB must be sponsored by a participating Market Maker that registers the security by completing a Form 211 unless an exemption applies. The Market Maker must submit a Form 211 to the FINRA OTC Compliance Unit along with two copies of the required issuer information no less than three business days prior to publication of a quote on the OTC Bulletin Board. Once cleared, NASDAQ Corporate Data Integrity will notify the Market Maker that it has been registered in the security and may enter a quote.
if the MM does submit a form 211 it must be done 3 days prior to quoting the security... so i guess FINRA can clear the security in as soon as 3 days..... sad part is that FINRA will only discuss submission of form211 w/ the sponsor MM
in a trading medium where there aren't any 'Market MAKERS' you can only buy if there are any sellers.... so by ur formula.. if there aren't any buyers... consequently nobody is selling... therefore there aren't any SELLERS... ur in KMAG so be positive... there's no reason for a PR because there is nothing significant to announce...
the strategy is very simple here... it's called Waiting.... if u dont see another PR then that's it a lot ppl lost money.. however we are expecting one when something significant has occurred (form 211 filed, back in pinks)... would it really make u feel better to have a PR state..."working on getting sponsor MM and filing form 211..." ?? or would u rather read "Back in the Pinks.... working on Form 10k to move to OTCBB..." ??
u dont lose until u sell.... ur money is already tied up... why bother posting and stressing urself out.... WAIT.. patience is a virtue... plus if u wait long enough... u will only be paying 15% on ur capital gains...
grey market attempts best execution of trades as there are no MMs... basically if i put 50 shares for sale @ $1 and u put a bid in for $1 then u'll get them given that there aren't any other(lower) sales... i'm thinking ppl could work together and buy short positions here due to the huge volatility... if that .014 was a short sale... that person already made money....
i was just told by a specialist @ scottrade that they are only placing quotes via phone and charging $32 as MM are not making a market for it... he also said that this is always the case in the grey market.... unless an MM is willing to sponsor it..
DJknows, I saw that, but the Q's are identical... ur referencing a PR... if anything... it wouldve made sense to have the amended Q reflect the previously issued PR to reflect that change...
idk how to take this amendation... if a see amendations being done to older Qs then i could see where this is going... but so far i'm clueless as i haven't found a single change...not a word... i'm still scanning thru the docs...
Potts, none of those things have changed... i have both docs opened one published sept. 13 and the one published today side by side... so far the only thing i have seen different is the signature and date signed.... idk what ur talking about...
i will keep reviewing it ... i'm sure a word must have changed...
The only people that generate a market in the greys are sellers.... that will only get filled by buyers that want in at lower prices... so if nobody sells then there wont be any mathing transcations... my strategy is to hold until i'm convinced that we will get out of this situation.... remember.. u sell u lose... i can deal w/ a couple of months... it might be a lot less...
I think it's a lot worse to have SEC investigate you for this...
The Securities and Exchange Commission (“Commission”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of trading in the securities of Emergent Health Corp. ("Emergent"), of King of Prussia, Pennsylvania at 9:30 a.m. on September 30, 2009, and terminating at 11:59 p.m. on October 13, 2009.
The Commission temporarily suspended trading in the securities of Emergent because questions have arisen regarding the company’s issuance of stock and trading in the company’s stock.
than it is for:
"Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations"
KMAG will be back to trading in a regulated quoting market very soon... much sooner than most expect...
I honestly believe we will get it... whether or not some consider the accusations to be too open... all/any info we got is that it's related to company's PRs...(Per SEC Publication) if J.R. and legal counsel can provide evindence to support it then SEC will review it and validate it... the investigation may stop or continue but we won't know that for sure... however our trading is no longer suspended....
And like you said... as of this momet we are already suspended ... that's another process w/ FINRA.... and that's one established process.. that doesn't take as long as you claim in previous posts...we need a sponsor to submit form 211 and FINRA will either approve/comment .... check this out... the burden of responsiblity is carried by the MM not FINRA....
"The Market Maker must submit a Form 211 to the FINRA OTC Compliance Unit along with two copies of the required issuer information no less than three business days prior to publication of a quote on the OTC Bulletin Board. Once cleared, NASDAQ Corporate Data Integrity will notify the Market Maker that it has been registered in the security and may enter a quote. "
This tells me that FINRA gives a response as soon as within 3 days....
shells will be shells... real companies are real!
This is done on the fly as there are no requirements for the greys... there's no need for brokers/dealers to review any financials or any other info...or abide by SEC Rule 15c2-11....
this is why an MM has to fill out the form 211 to FINRA so that the security can be allowed back into the OTCBB. Additionally i'm hearing it's tougher to resume trading in the pinks.... it's easier to attempt to uplist right into the OTCQB... which i think is what JR will attempt to do.. and another thing in our favor... when submitting financials information to uplist none is required to be audited... we technically have all this info .. possibly JR and his team need to work on the previous year's info and then we are ready to submit.... it will take some time but as long as i see KMAG submiting the forms im still a long here!
Question: This is just a supposition... given that there are no MMs present.. lets say that i want to sell 1 share @ $1 and put my order in... then i tell my friend who is also a shareholder to buy it... will the price of KMAG then rise to a $1 ? given that from what ppl say the greys is based on matched orders...?
i totally agree, and i emailed the two people listed on the SEC communication sent out stating the exact same thing...
they might've protected 'future' investors but not the current ones by suspending trading, I would suggest you all do the same and see if they reply. I got a reply from the lady and she pointed me to the SEC education and advocacy site and she provided a phone number also.. which i called and the person i spoke to had no clue as to what would happen to KMAG.. he wasn't educated on who needed to file the form 211 nor what's the responsibility of brokers in these type of events...
it is mainly for this reason that i'm concerned, many people involved are clueless this is why many companies find it so hard to return to trading.. there's so many government entities that have a say in these matters but there isn't a established process for and how they interact with each other at times they contradict each other and make any chance of us returning to normal trading that much more difficult...
i just hope JR is up for the challenge that we got ahead... road full of obstacles and uncertainties...
i find it amusing that stocks are allowed to trade in quotation mediums that require minimal SEC compliance but when reviewed by SEC they expect them to provide them w/ everything and in order to return to trading we must abide by 15c2-11 rules which are geared more towards exchanges however we still must comply w/ it..
there has been no bust... no one knows what the outcome will be... in fact the investigation can continue past the 10 day halt and we wont know...
additionally the MM's job is to make a market not care much about the stock... that's the OTC and SEC's job as you can see from the going investigation..
yeah the rule states that prior to a broker/dealer quoting a security they must do some research on the security but see below:
Question #2: What steps should a broker/dealer take to have a reasonable basis to believe that the information is accurate in all material respects?
Answer: A broker/dealer must review the material for obvious errors, internal inconsistencies, and questionable disclosures. This review must be in the context of all other information about the issuer in the broker/dealer's knowledge or possession, including the information required by paragraph (b).
Question #3: What are the requirements of Rule 15c2-11 paragraph (b)?
Answer: Paragraph (b) requires a broker/dealer to have in its possession: (1) A record of the circumstances surrounding the quotation request, including the identity of the person for whom the quotation is being submitted, (2) a copy of the trading suspension order or the Commission release announcing the suspension if the security has been suspended by the Commission during the last 12 months, and (3) a copy or written record of other material information, including adverse information, that the broker/dealer becomes aware of prior to publishing a quotation.
Question #4: What steps should a broker/dealer take to have a reasonable basis to believe that the information is obtained from a reliable source?
Answer: Generally, a broker/dealer can be satisfied that information is obtained from a reliable source if it is received from the issuer or its agents, or was obtained from an independent information service such as the Commission's public reference room. If a broker/dealer receives information about an issuer from another market maker or someone other than an agent of the issuer, the broker/dealer should verify the validity of the information with the issuer. Agents do not include promoters or others outside the issuer that may have a personal or an indirect interest in the security.
w/ audited material we will be just fine! go KMAG!
MMs gotta pay 6$ a month to quote a stock in OTC... once KMAG files its form 10 and has all other pending filings set then why wouldn't an MM want to sponsor us...
In fact why was there a process ever put in place to have MMs sponsor stocks???
KMAG has decent volume and public interest once one MM takes us.. then all others can piggy back...
MUST READ: about 3 hrs ago... GT*P issued a PR, here is the link:
http://ih.advfn.com/p.php?pid=nmona&article=54218571
the president/CEO gave lots of details and even made an indirect comment on us.. at least i believe it's about KMAG:
"I told SEC enforcement we will comply and unlike several companies coming out immediately and saying they will challenge the SEC decision regarding their suspension. I believe the reasons for the suspension stated for them were questionable PRs, contracts etc. We were not included in that category. "
i'm not sure that any of the other companies have put out PRs other than us....
additionally it's also stated the need for form 211 after all financials are cleared....
LOW, i dont think it was the buyback but a combination of things (red flags) possibly that were brought to the attention of the SEC via numerous complaints made by an entity or multiple over time, whether or not our mgmt was advised it's not my concern.. but i also can't acknoledge the fact that the SEC just decided to halt trading based on assumption...they mustve done some preeliminary investigation.... and i can certainly see how KMAG can seem to fit the profile of the typical stinky pinky... every time ive tried to convince friends to invest in KMAG i've failed because they just could believe those numbers coming from a pinksheet stock and valued under a penny additionally not being fully reporting didnt help... this is why it was easy for entities to attack KMAG and be succesful at it... however, i still believe in KMAG and we will come out victorious in the end... what JR did today is priceless...
ok, well we only gotta meet one of the exceptions...
what do you think of this:
all questions are somewhat relevant but 16 and 17 the most.
Question #17: Are there any exceptions from the informational requirements of Rule 15c2-11?
Answer: Yes. If a broker/dealer can meet one of the exceptions of Rule 15c2-11, it is not required to maintain or submit to the NASD any documents required by Rule 15c2-11. These exceptions primarily relate to instances where a broker/dealer wishes to quote a security that: is traded on a national securities exchange in the United States [we trade on USOTC]; represents unsolicited customer interest[theres tons of interest]; has been the subject of regular and continuous quotations for the past 30 days[we certainly have]; or is traded on Nasdaq.
got it from here:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=47209830
It's possible still under investigation... and they've been asked not to comment on it... we might open up on OTCBB for all we know... we will be a fully reporting co very soon.... but im sure auditing two years worth of work will take its time... it was already in the plans of JR but events like this catch you offguard and put a rush on certain projects like now becoming fully reporting is a must so that all/any statements can be easily verifiable.... what will happen by oct 1st we still don't know.... but one thing is for sure... KMAG will trade again normally very shortly... hopefully we can avoid entering the grey market as i know from my own research.. we fit certain exceptions that i posted yesterday here on the board.... go KMAG!!
new is out !!! GO KMAG!!! and JR!!!
http://www.otcmarkets.com/stock/KMAG/news
if you dont mind me asking, how is your lawyer privy to this information, are you going after KMAG to where the co. is willing to share this info w/ you?
found this...
questions 16 & 17 apply to us directly.. and i believe we fit the clauses for those exceptions....
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=47209830
My understanding from doing some research online is that we go into the grey market only if and only if... no MMs want to deal w/ our security.... that is why form 211 exists... for market makers to fill out once it has been approved by FINRA.
Now it takes take to produce evidence and it also takes time for the SEC to review evidence.
My guess is if it takes more than 10 days... then FINRA won't have a form 211 for MMs to fill out.... then it is at this point that we go into the grey market.
Once KMAG is clear and FINRA approves a form 211 then MMs can begin trading KMAG in the OTC again. Of course like many have said here... "once in the grey... no MM will want to trade it.."
I think that is because 99% of those securities deserve to be there... not KMAG...
What we need to do as shareholders... given that KMAG comes out clear... is pressure our brokers to fill out the form 211 as soon as it becomes available so that we can resume trading properly ASAP.
again... this is what i was able to come up with while doing some research online.... that's all for me... i'm waiting and i still believe in KMAG !!
second time i hear of this riddle... can you provide the post where this is stated?
q3 looking to be exquisite... AUDITED...
AUDITED FINANCIALS that reflect ZERO DEBT... + much larger cash $$ balance.... + more revenues !! GROWTH... and you are hesitant to get more shares @ these prices...??
u must've emailed somebody for that info....
PR ing the filings i believe have no effect on that... as ihub scans/feeds from Edgars Public info systems for Q filings etc... it's possible that Edgars didn't have it on time... oh well.. maybe it played in our favor who knows...
converting preferred to common can't be considered buying back stock, that makes no sense, additionally you dont know that he is holding onto those 140mil added to the o/s ... waiting explanation... i'm still wondering why ihub didn't pick up the q being filed....
positive note: company now completely and truly debt free.. no longer 'virtually' as there was still that outstanding debt to Mr. Reid and obviously he has converted it as per the Q filings, hopefully he used that money to buyback (i'm sure he did..) i dont think he bought 140579900 that was dumped into our outstanding share pool ..... i'm expecting a PR tomorrow along the lines of ... 'exponential growth %' + "~25 mil buyback...." ... fundamentals haven't changed and audited financials w/ ZERO debt gotta take us way above where we are... and we still got other stuff cooking... like customer names... auditors name... contract announcements.... NOBO....
nothign has changed but the O/S at the cost of a truly debt free company....
I personally do not like the way this Q was introduced, given that we were told that BB results would be presented in the filings... What i'm hoping is that an ammendation will be filed that will add another note explaining the buyback... which started early May 2012, what i'm seeing as a possibility is a scenario that someone (i forgot who) suggested not too long ago... what if our CEO increased the number of common shares ('dilution') and then bought some back... that would still be considered a buyback by all means... unfortunately not the kind we were expecting.... it seems that our current share structure has definitely changed ... it increased to its max possible 750 million, but no BB results have been announced.... i'm pretty sure (correct me if im wrong ) that we had heard from our CEO that he had no intentions of collecting the company debt owned to him in the near term... this obviously wasnt the case as now he's been paid via us (shareholders)... AGAIN.. i'm hoping for some sort of explanation in the very near future... other than that.. the number in the Q still look very positive
we have some resistance @ 0.0169 which was August 15th's HOD.. we need to break this as MMs are playing this by the chart... u all saw what ppl are putting in the upper .016's as resistance, a close above 0.0169 would be astronomically in our favor going into this long weekend... i believe we can do it go KMAG!! additionally PSAR flipped today (for now) which should attract the technicals... needless to say these prices will look really cheap very soon....
KMAG on americanbulls.com front page as BUY confirmed....
we should get some volume/awareness from this plus the atomic pennies blog article... go KMAG!!!
http://americanbulls.com/
Whoever claims to have gotten a response from JR/IR needs to post a screenshot to validate it, let's stop this 'news is coming', 'got a reply form IR' crappola unless u can sustantiate it w/ proof
we have sorta established a trading pattern well above the penny and trading below our daily avg, i think KMAG mgmt had a great chance to drop a bomb at that point and start our second leg up... but they chose not to why?? I can only think for a good reason although i wish i could understand it, im choosing to accept it as a shareholder that's been here since very early this year i have nothing but support for KMAG and ik that i will be rewarded along w/ other that share similar views go KMAG !!!
Additionally we have only seen txt version of JR/IR responses to the expected PR... for all we know this was only a rumor started here... as of now i'm only expecting to hear from KMAG sometime in september!
too many ppl are impatient, if ur a true long then why bother w/ day to day trading action ?? Many that claim to be longs aren't... and they want 3 cents by tomorrow and .07 by next Tuesday so they can move on to their next 'long' play... many talk about a dime being the milestone or thats the selling point... we can go way higher than that... ppl here think they can run companies and advise the newbie like they're experts... if that's the case then why arent u running ur own company instead of being vested in one...??? Realize what u have... and invest only what ur not afraid to lose... imho longs are safe in KMAG and will be rewarded... JR knows what he's doing... if he chose to delay the 'PR' that so many announced it must be for a good reason... the impatient ones should sell now. 2013 will be the YEAR! GO KMAG!
Those who claim JR lied are so wrong... because they are going by what some posted here... a copy and paste that everyone can recreate... show me a screenshot from JR email where he stated news Friday, Monday or Today...??? then u can say so... and even screenshots can be altered... but in the past when we were expecting news.. we would have screenshots of emails posted.. not just texts... so in my eyes JR hasn't lied... go KMAG!
all we need is some buying pressure and we can certainly hit .02 w/o any news... BBD* appears to have finally tanked hopefully that strength can take attention on KMAG.... they will quickly realize that KMAG is the place to be!! go KMAG!! we are ready to blow imho..
buyback is the strongest indicator that a company is doing well... and will continue to do so... JR already stated via PRs and multiple email responses that official buyback results will be released w/ Q2 fillings which are expected by september 15th... when big money sees our OFFICIAL BUYBACK release... that will bring massive amounts of money and put down to rest all of those who don't believe in our company... so if aren't in KMAG dont come here to bash... ur losing money by not being vested here... greatest opportunity in front of u.... go KMAG!
Remember KMAG is a real company and companies have plans to meet planned goals and future ones... u think that KMAG doesn't have an agenda for 2013 ? have u not read the PRs ? Even w/o PRs .. u think JR and company just sit all day staring @ L2 like a lot of ppl here... ? They are running a company and actually working on meeting current goals and planning the strategy for the EOY and all of 2013+
From my own perspective i would expect more contracts and revenue increase... many clients out there are just adopting RFID as a solution... KMAG alread provides... who knows.. we can catch a big client and easily hit a jackpot.. remember we got a CFO n COO w/ experience and connections in the field... there's just so much... i can honestly say that i will keep KMAG on it's way to the higher exchanges... the potential is there .. i suggest u open ur eyes and dont let this day to day activity distract u from what's ahead.... that's just my honest opinion... if u're looking to trade/flip then u might just wanna go somewhere else...
Do u realize we r @ 0.0145 !! ... all we need is two 20% green days and we'll be trading above 2 cents... we can do this on our own... i think we are holding our ground pretty well.. but we must continue if we wanna reach 0.10+ !! we have so much to look forward to... no debt what's what's there to fear... except for the volatility of all securities in the pinks KMAG is a safe investment imho.... we hit .0169 today... i think tomorrow we can close over that.... and friday we have 2 cents and if we get a powerful PR A/H friday we'll be on our way to the nickle for the next couple of weeks... expect more consolidation along the way.... a set of compounded expected PRs... fillings... and we should be trading above .10s in the near future imo GO KMAG!!!