Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
What if they upload enough reports to bury old atty opinion letter where they said it was a shell? Surely they are getting a new lawyer to write a better opinion letter. They have been working for years as we have seen website updates and other signs of life. Not sure why the last atty turned on them and wrote that BS in the opinion letter.
Filings coming in today. MCIC to the moon on getting pink current.
Yea. Plus, Ben has to bake cookies for all those Jewish holidays also. Some of them do not even allow phone calls or any kind of work on those days. 2022 could be the year for the MCIC launch?
That's an interesting way to look at it and I have not thought about it like that.
It's a weird thing. I know that Ben is busy a lot but this pushing the limits of sanity in regards to the delays. I can't see that simple rule change being a KO blow to the head for us. So, to the moon is still in order here.
Stranger things have happened in the OTC. We can all enjoy a bag of popcorn as we wait.
Hey. Got a friend that knows this dude that knows this dude that knows this other dude that heard from a dude that some other dude said that $MCIC is going - TO DA MOON. So, guess what? TO DA MOON. Go MCIC.
Haha. Right now the action is in the electric vehicle market. At least if one want to sport a 100 billion market cap. Perhaps, MCIC could enter that sector with some kind of deal. I guess MCIC got to get past shell status first and then we can slap the asks.
I am thinking about nailing the ask when they get bid support back. Run this is up as high as it can go before news. Go $MCIC. And yea.............. To the moon.
And that steps means to the moon.
So, OTC Markets calls the shots without market makers filing 211? That is the way I read rule change. Yet, the brokerages are not on the same page with OTC Markets in charge of quotation rules? It's kind of confusing.
I think that is the issue. But I did not know Shell status blocked quotation like this. I know it's just a few brokers because they backed the enforcement date out a few more months. Still, this reminds me of that old DTC Chill move they made years ago. All kinds of hands involved.
It'a confusing because the entire point of getting current info on OTC Markets was NOT to mess the trading up. We just about have that but then they decide to class themselves a shell and murder their own stock to an extent. Normally a merger candidate would be interested in a higher market cap if they were getting shares. Weird.
That's what I think also. It's weird that some brokers allow buys and other ones do not because of this.
Ben owns most of the restricted shares now. So, he can certainly do that. Big issue is getting past this "shell" status.
This explains the amended rule on companies classifies as shells -
Shell Companies
Shell companies were originally intended to be among the chief victims of the new Rule 15c2-11. Many are companies no longer engaged in any business; some have been abandoned by management. Quite a few private companies choose to go public through reverse mergers with dormant shells; they believe it’s a cheaper and faster way to start reaping the benefits of public company status. That is not necessarily the case. While it often (though not always) is faster, it can be quite expensive, costing upwards of $100,000 even for a non-reporting shell, with the cost of the merger transaction factored in. For the money, the new issuer, often inexperienced, may find himself buying a pig in a poke: the shell may have skeletons in the closet in the form of undisclosed debt, former insiders with large undeclared positions, and more. Less naïve potential management may buy shells simply to conduct illegal and destructive pump and dump operations.
The SEC has never liked any of that. For several years, it attempted to deal with dormant shells by bringing mass suspensions at least once annually as part of what it called Operation Shell Expel. The program ran from 2012 through 2016. It was then inexplicably abandoned. In its heyday, it had been extremely successful. One well-known shell vendor sold his portfolio of shells that had suddenly become Grey at fire-sale prices. Others simply stepped away from the business.
But by 2017, the shell peddlers were back with a vengeance. Many got control of abandoned shells through custodianship actions brought in local courts in the state (usually Nevada or Wyoming) where the shell was domiciled. The actions were cheap and almost never contested. The new custodian could then “clean up” the shell and look for a buyer. Internet players began to follow individual shell vendors in the courts where they were active. The moment one who was perceived as arranging “good” deals filed a custodianship petition, stock in the shell would be snapped up, often on heavy volume at ever-increasing prices. That alone was often the play. Finding buyers for a shell can take time, in some cases more than a year. Penny speculators don’t want their money tied up for that long and are more likely to exit after the initial pop in price.
Obviously, that does not encourage “capital formation.” The SEC wanted to put a stop to the trafficking in shells, but there was a regulatory problem. The agency has for years defined shell companies as:
…any issuer, other than a business combination related shell company… or an asset-backed issuer… that has (1) no or nominal operations and (2) either (i) no or nominal assets, (ii) assets consisting solely of cash and cash equivalents, or (iii) assets consisting of any amount of cash and cash equivalents and nominal other assets.
But that only applied to SEC registrants; it did not apply to Pinks not required to make disclosure of any kind. A slightly different and more complex definition was adopted in the final rule:
The definition of shell company that the Commission is adopting does not preclude a broker-dealer, qualified IDQS, or registered national securities association from determining that an entity is a shell company based on an observation that a company has identified itself as a shell company (or as not a shell company) or, alternatively, review of a company’s financial information, including asset composition, operational expenditures, and income-related metrics. The definition of shell company under the amended Rule is consistent with the requirements of other established and broadly used Commission rules to provide market participants flexibility in analyzing the particular facts and circumstances involving an issuer, such as the issuer’s financial information and information related to its operations.
It would seem that considerable responsibility for identifying and dealing with shell companies will now fall to OTC Markets. It has not said how it plans to deal with that.
In the proposed rule, the SEC said it intended to prohibit market makers from relying on the piggyback exception for shell companies. Had that become part of the final rule, all of those companies would quickly have been relegated to the Greys. But cries of outrage from commenters persuaded the agency to compromise, and the result was a modified version of its original proposal:
Under the amended Rule, a broker-dealer may maintain a quoted market for the security of an issuer that the broker-dealer has a reasonable basis under the circumstances for believing is a shell company by relying on the piggyback exception during the 18-month period following the initial publication or submission of a priced bid or offer quotation for the security in an IDQS, assuming all other requirements of the piggyback exception are met… The Commission believes that compliance with the information review requirement is needed following the 18-month period to appropriately balance the facilitation of capital formation and the promotion of investor protection.
There is some confusion about the correct interpretation of “initial publication or submission of a priced bid or offer quotation for the security in an IDQS.” It seems to us it ought to mean that an OTC shell company would, like a SPAC, be able to qualify as compliant with Rule 15c2-11 only if it was new to the market. It would then have 18 months in which to find a buyer.
At the OTC Markets webinar, Zinn explained:
The way that it works is that for a new company coming on, after September 28th, that is a shell company within the definition of the rule, which includes those that disclose their shell status in their filings, those companies, starting from the point where they’re initially quoted, so that first day when they join the market and a broker-dealer has a priced bid or an ask in the security, they will be able to be quoted for an 18-month period after that.
But he added: “Any company that’s a shell as of September 28th has 18 months from that date to be the subject of a public quote if it remains a shell.” He may be confused by the SEC’s intentions because he finished by saying, “We are obviously constantly talking to the SEC about the application of this rule. This is our understanding based on those conversations, but we’ll also continue to push them to put out more specific guidance…”
Shell vendors may be perplexed as well, taking a wait-and-see stance until September 28. At least one who’s been very successful in recent years seems to be shifting his attention to exchange-listed issuers that might be receptive to a suitor interested in a buyout. The OTC custodianship plays that were attracting so much attention only six months ago have disappeared.
MCIC still going to the moon.
$MCIC to the moon! Prediction is to the moon!!!!!!!! Zippo is the number of people that will stop that prediction.
MCIC - New CEO coming? Ben has not the time to play CEO (Loraine wants him baking cookies for the Jewish Holiday festivals). Could the merger bring the right CEO into MCIC to guide it's shareholders to countless fortunes on their investment in the stock? Not that there is anything wrong with Ben helping bake cookies for those holidays. But many feel it is time for MCIC to make some nice moves.
$MCIC Less than .01c = Trick. Above .05C = Treat. Ben and Tony ready for Halloween? Investors sure as hell are. And several other investors are sporting a pink John Holmes costume. Knock. Knock.
Maybe MCIC will have a Halloween party for investors. I have my John Holmes costume ready and I sure hope Ben and Tony have a treat for us. Because my John Holmes costume is pink and everything is replica size on the costume!!!!!
Halloween soon. $MCIC = Trick or Treat. Trick = > .01C. Treat = <.05C. What shall $MCIC when it's investors knock on the door with our costumes on? Trick or treat?
Often times future moves are cooked into the current price. Why $MCIC is not at .03-.04 is something I do not understand. 550 million float with 1/2 of it locked down very tight. The stock will organically move up soon.
I agree. It's close for sure.
Anything under a nickel PPS may be a "cheapies" soon!!!! Go $MCIC. It's merger time.
Going current boosts us!! Lots of eyes on Twitter posts about $MCIC.
$MCIC is the TOP STOCK PICK right now.
Hey. MCIC is moving up now. All that matters.
It was the longest story about there is a cookout/party invite for wild fist fighting, music, dancing, sex and drinking. And dude asks his new found neighbor how should he dress? Get's the response from him "Don't matter, it's just you and me."
Remember that LOOOONG story I told about the new rancher who found his one any only neighbor after years of wondering?
Thin to .0016.
Moon shot is coming. Go MCIC.
Bentley. That is the ride coming for $MCIC. Other waves are trash .
Funny if a few shareholders owned that 495.
That 10.9 was a fraction of a minute back then. But I trust you have held that long because not many would remember that as the symbol changed and it can not be looked up. But at the end of the day, I suspect if Mckone could come back and haunt the OTC Markets then I would smell his writing or that of a friend of his really fast.