Tauriga Sciences Inc (fka TAUG)

[loanranger]

"What Delisting Meant to TAUG on JULY 31,2015."

All but one or two words of the discussion in your post date back to at least 2006*. Since that time a listing on the OTCBB has gone from something that seemed important to something that is almost meaningless. Note the change of language:

From 2006 and your post:
"Over the Counter Bulletin Board (OTCBB) - This is an electronic trading service offered by the Financial Industry Regulatory Authority (FINRA, formerly the NASD)."

From FINRA today:
"The OTC Bulletin Board (or OTCBB) is an interdealer quotation system that is used by subscribing FINRA members to reflect market making interest in OTCBB-eligible securities (as defined by FINRA Rule 6530)."**

Market Makers, who once used the OTCBB to exchange quote information and trade, have been asking their issuers to leave the OTCBB (because the MMs have to pay for each issuer quoted) and they have done so in large numbers. Quoting and trading can be done more efficiently in other venues.

Last month there were 20,136 trades made on the OTCBB...there were 2,308,623 trades of OTC stocks (including those of TAUG) in other venues. In July of 2015 that ratio as a little smaller but it still showed that very little trading was being done on the OTCBB "service" from which TAUG was delisted.***

Delisting from the OTCBB on July 31, 2015 didn't mean much at all.


* http://www.vnsmessageboard.com/index.php?topic=1453.0
** http://www.finra.org/industry/otcbb/otc-bulletin-board-otcbb
*** http://otce.finra.org/MSEquityTradingDataMonthly


The terms "OTCBB" and "OTC Bulletin Board" don't appear in Tauriga's Complaint against Cowan, etc.
The Complaint does say "the publicly traded shares of Tauriga were delisted" and asserts that that delisting resulted in damages. Most of the damages attributed to the delisting were general except for the assertion that it "created a potential contractual default between Tauriga and its business associations". If the defendants can be shown liable by their acts, Tauriga would have to show the language in those contracts that required their ongoing listing on the OTCBB.

http://ia601506.us.archive.org/10/items/gov.uscourts.flsd.473469/gov.uscourts.flsd.473469.1.0.pdf


There is a separate issue that appears in certain SEC filings that doesn't appear in the Complaint. That is what the company refers to as its "delisting" from the OTCQB. The OTCQB isn't an exchange on which shares are traded, so the term "listing" doesn't apply to it. But that's a separate discussion.