Pilgrim Petroleum Corp. (PGPM)

[Jason978]

Although the SEC can not extend suspensions the broker has the right to not trade the stock. The broker must agree that the stock is not a harm to the investor before resuming trades.


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


Will trading automatically resume after
ten days?
It depends on the market where the stock trades.
Different rules apply in different markets.
For stocks that quote in the OTC market (which
includes stocks quoted on the Bulletin Board and
OTC Link (f/k/a Pink Sheets)), quoting does not
automatically resume when a ten-day suspension
ends. Before OTC stock quoting can resume after a
suspension period, SEC regulations require a broker-
dealer to review specific information about the
company in accordance with Exchange Act Rule
15c2-11 and FINRA Rule 6432. If a broker-dealer
does not have confidence that a company’s financial
statements are reasonably current and accurate in all
material respects, especially in light of the questions
that may have been raised by the SEC suspension
action, then a broker-dealer may not publish a quote
for the company’s stock. The OTC markets function
through dealer systems where only broker-dealers may
quote and facilitate trading in OTC stocks.
In contrast to stocks that trade in the OTC market,
stocks that trade on an exchange resume trading as
soon as an SEC suspension ends.