James, on Discord a group of investors was calling SEC for answers in regards to Delcath's recent action moving to OTC.
As mentioned going dark is a way for a small company to delist without breaking the bank. But, SEC regulations stated clearly the company must file form 15, then follow by form 25 to notify the public as well as SEC that Delcath was going dark and delisting.
So we heard the company coming out saying they are going to voluntary delist and will be filing form 25 and then trade on OTC 10 days later. You saw they came out saying so. Then within 24 hours they came out saying negotiations with OTC allows them to immediately relist. Don't you think there is a reason behind this move?
Think about this, they were going to follow the SEC rule to file form 25 then suddenly they are bypassing SEC laws? I think not. They have to be able to do so without violations and going dark is not it because they are required to file form 15 for going dark and meet all requirements on form 15.
Therefore, the conclusion is that they aren't going dark because no form 15 was filed. Which means M&A is a very high probability at this point. Otherwise, I don't see how they are just bypassing SEC regulations. Plus Delaware corporate laws governs Delcath.
We're still digging into the legal aspect to try and confirm. I mean, if this was going to BK, don't you think Ren, Vanguard, and even Hudson Bay would have bailed by now?
There are other smaller holders too. We did not see a sell off by any of those guys except Aryton Captial with their 40 million shares way back.
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