First American Scientific Corp. (fka FASC)

[FedUpToHere]

There are always a small handful of "investors" in a newly suspended stock that feel their company is different; or the company was mistakenly suspended; or the company will fix it before the suspension ends and everything will be like it was before.

It's simply not going to happen and all you have to do is go through a list of suspended stocks and see for yourself what happened to them -- they all went to the grey sheets.

FASC will open the 6th of May on the grey sheets. While the suspension will end at 11:59 pm on the 5th of May, the company will already have been moved to the grey sheets. Previous history of suspended stocks show that move happens within three trading days after the initial suspension.

What happens when the ten-day suspension period ends?

The SEC will not comment publicly on the status of a company when the ten-day suspension period ends because the company may still have serious legal problems. For instance, the SEC may continue to investigate a company to determine whether it has defrauded investors. The public would not know if the SEC is continuing its investigation unless the SEC publicly announces an enforcement action against the company.

Furthermore, when an SEC trading suspension ends, a broker-dealer generally may not solicit investors to buy or sell the previously-suspended over-the-counter (“OTC”) stock until certain requirements are met. Before soliciting quotations or resuming quotations in an OTC stock that has been subject to a trading suspension, a broker-dealer must file a Form 211 with the Financial Industry Regulatory Authority (“FINRA”) representing that it has satisfied all applicable requirements, including those of Rule 15c2-11 and FINRA Rule 6432.

Among other things, Rule 15c2-11 requires broker-dealers to review and maintain certain documents and information about the company, including in certain cases:

1. the company’s state of organization, business line, and names of certain control affiliates;

2. the title and class of the securities outstanding; and

3. the company’s most recent balance sheet and its profit and loss and retained earnings statement.

No broker-dealer may solicit or recommend that an investor buy an OTC stock that has been subject to a trading suspension unless and until FINRA has approved a Form 211 relating to the stock. If there are continuing regulatory concerns about the company, its disclosures, or other factors, such as a pending regulatory investigation, a Form 211 application may not be approved.

http://www.sec.gov/investor/alerts/tradingsuspensions.pdf

And for the record, exactly one company, EDVP has made it off the grey sheets in recent years.

http://promotionstocksecrets.com/edvp-becomes-the-first-suspended-ticker-to-return-from-the-grey-sheets-in-over-3-years/