Why it was suspended originally:
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934 Release No. 88265 / February 24, 2020
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 Eastgate Biotech Corp. (“ETBI”) (CIK #0001099574) at 9:30 a.m. EST on February 24, 2020, and terminating at 11:59 p.m. EST on March 6, 2020.
The Commission temporarily suspended trading in the securities of ETBI because of concerns about the adequacy and reliability of publicly available information concerning ETBI since at least January 30, 2020 about, among other things, the company’s purported international marketing rights to an approved coronavirus treatment to potentially combat the Wuhan Coronavirus and disclosures by the company in their September 30, 2019 Quarterly Report regarding their issued and outstanding shares. ETBI is a Nevada corporation having its principal executive offices in Toronto, Canada, and its common stock is quoted on OTC Link (previously “Pink Sheets”) operated by OTC Markets Group, Inc. under the ticker symbol ETBI. This order was entered pursuant to Section 12(k) of the Exchange Act.
The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not they have complied with the rule, they should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, they should refrain from entering quotations relating to ETBI’s securities until such time as they have familiarized themselves with the rule and are certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.
If any broker-dealer or other person has any information which may relate to this matter, contact Michael Paley, Assistant Regional Director, New York Regional Office of the Securities and Exchange Commission at (212) 336- 0145. The Commission appreciates the assistance of the Financial Industry Regulatory Authority (FINRA).
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