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Monday, August 24, 2020 12:36:33 PM
I know, not what you want to hear/read...
Super 8-K
A “Super 8-K” is an industry term used for an 8-K filed under Item 2.01 for the completion of a transaction and Item 5.06 of Form 8-K to report a change in shell status. Where a company completes a transaction such as a reverse merger, business acquisition or asset acquisition which has the effect of causing it to cease being a shell company, it must file an 8-K under Items 2.01 and 5.06 within four (4) business days of the triggering event. This 8-K requires, that the company file the information that would be required if the company were filing a Form 10 registration statement under the Exchange Act including audited financial statements. In other words, a Super 8-K is an 8-K with a Form 10 registration statement included therein.
Generally an 8-K does not allow for incorporation by reference, however, the instructions for a Super 8-K specifically allow for incorporation by reference to other filings that contain disclosure or information that must be included in the Super 8-K.
http://www.legalandcompliance.com/super-8-k/
Penny Stock Exempt
This security is exempt from the definition of a Penny Stock under SEC under Rule 240.3a51-1 because it meets one of the following tests: 1) A price of over $5 per share, 2) the issuer has Average Revenue of at least $6 million for the last 3 years, or 3) the issuer has Net Tangible Assets in excess of $2 million if the issuer has been in continuous operations for at least 3 years or $5 million if less than 3 years.
https://www.otcmarkets.com/glossary#penny-stock-exempt
At OTC they aren't considered a Penny Stock. ->
"This security is not a Penny Stock as defined in SEC Rule 240.3a51-1."
Recent PRCX News
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