Monday, March 02, 2015 8:52:37 PM
After the 12 month period, if it becomes delinquent, the shell status reverts back until the company becomes current.
If a selling stockholder sells pursuant to Rule 144 during a delinquent stage, that selling shareholder cannot rely upon the exemption and should refrain from selling. Shareholders and their brokers need to pay attention and adhere to these periods, should they occur.
However, since the issuer has no effective registration, Rule 144 is not applicable to any selling shareholders since the rule was amended in 2008.
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