Hangover Joe's Holding Corp. (fka HJOE)

[james885]

When a company realizes they have no defense against the SEC's incontrovertible evidence of Financials delinquencies the company can choose to accept revocation of their stock registration(s) thereby avoiding the expense to the company to argue against revocation and the expense to the SEC to argue for revocation in protracted Hearings with the SEC Admin Law Judge.

Delinquent filers are SEC-registered companies that have failed to submit required annual and quarterly financial reports. Usually the agency sends delinquency notices before taking action; if they are ignored, trading in the company's stock may be suspended without notice. At the same time, the SEC will initiate an administrative proceeding to revoke registration. The company will be served with a letter informing it that it has ten days in which to make some kind of case for its failure to file. If it does not do so, registration will be revoked by default.

What the company does only matters if it hopes to resume trading one day. Several recent cases suggest the SEC is now recommending that issuers who want to make things right should accept revocation, and then get two years of audited filings in order and file a new Form 10. That has the advantage of relieving the company from the obligation to catch up with dozens of old financial reports

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