Hi all. I've been getting asked whether I know anything about when the company will emerge from the greys. The only info I've seen is dated April 17th.
April 17, 2020 -TheNewswire -VANCOUVER, British Columbia - Roadman Investments Corp. (TSXV:LITT)(FWB:1QD)(OTC:RMANF) ("Roadman Investments" or the "Company") announces that after trading hours on April 10, 2020 the Securities and Exchange Commission ("SEC") issued an Order (the "Order") in the public interest and protection of investors requiring a suspension in the trading of securities of Roadman Investments Corp. pursuant to Section 12(k) of the Securities Exchange Act of 1934. Under such Order trading in the securities of the Company in the United States is suspended for the period from 9:30 a.m. EDT, on April 13, 2020 through 11:59 p.m. EDT on April 24, 2020. The Order cites: "The Commission temporarily suspended trading in the securities of RMANF because of questions regarding the accuracy and adequacy of information in the marketplace disseminated by RMANF in at least twelve news releases since February 12, 2020. Those questions relate to statements RMANF made about its commercialization of cedar leaf oil as a promising treatment for COVID-19."
The Company has contacted the SEC to request details relating to their questions that formed the basis of the suspension but has not received any specific information from the SEC. The Company is eager to address any concerns the SEC has with its disclosures. The Company recently clarified some of its prior disclosures in its press release dated March 30, 2020 (filed March 31, 2020 on SEDAR) and encourages investors to read these clarifications.
The Company is communicating with the TSX Venture Exchange regarding the implications of the SEC order. The Company is a reporting issuer in British Columbia and Alberta. Neither the British Columbia Securities Commission nor the Alberta Securities Commission have issued a cease trade order against the Company's securities following the Order. However, the Company's shares will likely remain halted in Canada pending clarification of the SEC's concerns regarding the Company's disclosure.
Under Section 12(k) of the Act, the Commission is authorized to suspend trading in any security for a period not exceeding 10 business days if, in its opinion, is necessary to protect the public interest and investors. Following the suspension, limited or "unsolicited" trading can occur when a broker or adviser has not solicited or recommended such a transaction but broker-dealers will need to comply with Rule 15c2-11 prior to entering quotations relating to RMANF's securities. https://www.otcmarkets.com/stock/RMANF/news/story?e&id=1578710