After leaving a message at the OTC yesterday for clarity on a couple questions I had, I just received a returned call back from a gentleman with the OTC who has completed 100's of reverse merger requests and or applications from companies that have bought old shells and he clarified that the OTC would NOT remove any of the info from the old company unless the new company submitted their completed application! He also said in very rare cases they will remove info on an old company if they were involved in some type of wrongdoing at the SEC's or FINRA's request, although, he mentioned that kind of a request is very rare and he has only seen it happen a couple of times!
He also said it takes on average of approximately 2 to 3 weeks to complete the process after they have received the application as long as they have received the attorney letters, the fees, and all of the necessary documents and information that is requested in the application regarding the new company's executives and some other required information! I wish I had a photographic memory to remember everything he had said, but, that was the gist of the conversation in a nutshell and he was very clear that the old company's info doesn't get deleted unless they had received a completed application from the new entering company that is taking over the shell!
He did mention also that sometimes companies will have left something requested in the application out and it can take longer than the average 2 to 3 weeks for the OTC's approval until they receive the info from the merging company! He said he has seen it take up to 6 months in certain circumstances, but, in most cases it is just a few weeks of a process!
I did ask him if I could have him look up a certain ticker and he said "NO!" He can not do that!
My call with the gentleman from the OTC lasted for exactly 6 minutes and 48 seconds and it came from this #: 212-896-4450!
After that call I am much more confident that the reason the OTC has removed the old company's info was because they have received the application and all other necessary information from Ameca and they are going through their vetting process and making the appropriate changes and or updates that they will be rolling out into the STHC ticker upon their approval here soon!
AK
