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Re: theunclear1 post# 194548

Thursday, 04/30/2020 3:55:16 PM

Thursday, April 30, 2020 3:55:16 PM

Post# of 205098
TO BE ELIGIBLE for the suspension in the first place, all 3 prior fiscal years needed to be under $10M

The classes of securities eligible for the suspension provided in paragraph (a) of this section are:
b (ii) Fewer than 500 persons, where the total assets of the issuer have not exceeded $10 million on the last day of each of the issuer's three most recent fiscal years;


They become not-eligible any longer if in a subsequent year they are over $10M, because 1/3 of the years is over the amount.

e) If the suspension provided by this section is discontinued because a class of securities does not meet the eligibility criteria of paragraph (b) of this section on the first day of an issuer's fiscal year, then the issuer shall resume periodic reporting pursuant to section 15(d) of the Act by filing an annual report on Form 10-K for its preceding fiscal year, not later than 120 days after the end of such fiscal year.



https://www.law.cornell.edu/cfr/text/17/240.12h-3