You are right it is very simple, they filed a registration statement, legally nothing can stop them from filing to the SEC through EDGAR. They filed their 10-12g on February 8th, on April 12th they could request a Broker Dealer to file a Form 211 on their behalf to FINRA to request quotation and a ticker. It is a 3 day process, but can be longer if FINRA wants more information.
Now one can assume that Saleen did not request a sponsoring Broker Dealer to do so in April or assume the Broker Dealer turned them down but in either case it is not likely.
One of the requirements of a Form 211 is to be current in their filings to the SEC. in essentially a 90 day period before becoming deliquent Saleen did not get an approved Form 211, we know this because FINRA did not issue a ticker, there is no quotation and the FINRA Daily List does not list Saleen as a new security on the OTC. Those are FACTS that cannot be disputed.
Saleen failed to file a 10K as required by Securities Act 1934, and has now gone dark, it is no longer current, also a FACT that cannot be disputed. Filings are not voluntary and are required by law that is also a FACT that cannot be disputed. Saleen has not filed a single regulatory document in over 75+ days, they have stopped filing, that is also a FACT that cannot be disputed.
What Saleen intended and what can legally happen are 2 separate actions, they can wish all they want to trade again, but filing to the SEC alone does not give them that ability. The Gatekeeper in this case FINRA ultimately decides on allowing a previously 12J revoked security gets to trade or not, in the history of FINRA to date they have not allowed a single 12j security to trade again, not one, not ever, that is also a FACT that cannot be disputed.
A 3 day process does not take 90 days, also any company waiting on a Form 211 approval would never, ever become deliquent, not one single company. Name one, there aren't any. To continually ignore FACTS and try to dispute them when clearly everyone can see that this company is not in good standing with the SEC and could not get a Form 211 approval from FINRA is just ridiculous.
