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Tuesday, January 21, 2020 1:11:17 PM
The capital markets rely upon timely and accurate financial reporting which provides investors, and potential investors, with information that would allow them to make an informed decision. In the absence of information investors cannot make an informed decision. When reporting issuers fail to file and meet continuous disclosure obligations a cease trade order is placed on the delinquent issuer.
Here in America, the SEC orders a halt trade which suspends trading for a defined period. The stock then is released for trading on the gray sheets which means no live quotes and all orders must be placed, and matched by the broker at an increased cost. Once a stock goes to the greys, unless they find a market maker willing to back them, shareholders are left in the lurch. In Canada if the company becomes compliant, they are free to trade once again and must meet the listing requirements of the exchange. Since the OTCBB is not an exchange the situation becomes more severe for shareholders.
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