Popt: You are still confused between the difference between filing to terminate a company's REGISTRATION w/ the SEC vs. a company terminating its securities (shares).
When KEYO filed to terminate all the common shares in 2011
That is completely wrong. They never touched their common shares in 2011.
I can set you straight if you take the time and effort to read and comprehend the following which explains it all correctly. Afterwards, hopefully you won't be confused anymore on the subject and see why KEYO is still in play.
First off, a company's securities (or shares), are representative slices of the company. They can only be terminated, or cease to exist AFTER a company's corporate status or charter w/ its registered state is cancelled or permanently revoked. And, as we all know by now, KEYO's status w/ DE is "Dissolved", not "Cancelled". So, therefore, the KEYO, the company, still exists as well as and it's securities, or shares of the company. That is why the CUSIP was merely suspended and the shares, or company's stock symbol (KEYO) still shows in my brokerage account.
Do you even know why a company first registers their securities w/ the SEC?
So, if a company no longer is required to report due to them falling under the 300 shareholder threshold (as KEYO indicated), they file a Form 15 to SUSPEND (only) their duty to file reports. They can only suspend the duty to file reports AFTER they have DE-REGISTERED their shares w/ the SEC. Or, in other words, TERMINATED their registration w/ the SEC. Luckily for them and every other company that wants to "go dark", the SEC made it easy for them and put both the de-registration/termination of their company w/ the SEC and suspension of their duty to file all on the same form!
So, either way you say it - terminate registration or de-register w/ the SEC - it's the same the meaning w/ the same result.
Going back to the top so it's understood... 1) A company registers w/ the SEC for it be legally required to report financial and other significant information concerning securities being offered for public sale. 2) The only reason a publicly traded company is first required to register w/ the SEC is because it crosses a certain shareholder and asset size. 3) Once a publicly traded company registers w/ the SEC it is then from that point forward required to file periodic financial reports for shareholders. 4) A company can cease to file periodic financial reports if it crosses certain shareholder and or asset number thresholds. 5) A company can only suspend its duty to file periodic financial reports AFTER the company terminates its registration (de-registers) w/ the SEC. 6) A Form 15 contains both the termination of registration w/ the SEC and suspension of duty to file w/ the SEC all on the same form. 7) Filing a Form 15 and terminating a company's registration w/ the SEC in no way terminates its corporate existence or charter w/ its state of incorporation nor terminates its underlying securities (shares). 9) A company's stock trades on the Pinks for one reason only: an MM sponsors it to trade 10) KEYO's O/S was completely bought up by late July, 2015. No more float. 11) KEYO w/ no more shares had no more MM's sponsoring it hence the only reason it doesn't trade today. 12) KEYO's CUSIP was merely suspended afterwards. 13) KEYO's status w/ the DE SOS is "Dissolved", hence KEYO, the company still exists. 14) Hence, KEYO is currently a NON-TRADING, NON-REPORTING SHELL 14) Hence...KEYO (undeniably) STILLIN PLAY!
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