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Saturday, March 06, 2021 1:27:11 PM
For companies that have never listed and/or traded on the OTC, OTC Markets will look for up to date information. The new rule tosses every company without updated information available onto the greys, all those dead carcass companies being flipped will end. If they ever get up to date, OTC Markets or a broker can put them on the OTC counter for trading. That was the purpose of the rule change, to make companies get up to date.
Companies suspended for fraud (and the reasons given for this company's suspension was that, standard wording from the SEC that the information in the marketplace was false), OTC Markets and the broker-dealers will very likely follow the same path the market makers did when they were responsible for submitting the 211's to FINRA. They'll hold off until it is clear the SEC isn't going to take further actions against the company and/or its officers, and that is the 5 year time frame or until the SEC documents that no further actions are required.
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.
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