![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Monday, June 21, 2021 9:32:52 PM
After reading this it seems pretty clear to me that SNRY would be classified as a shell company and that it would, at worst have an 18 month exemption and at best, be exempt from the requirements of the June 30th SEC deadline that has created a lot of consternation around here.
So IMO, if the court situation continues to languish, we at least will not die and be sent "down" to the grays.
Pages 9-10: https://www.sec.gov/rules/final/33-8587.pdf
Section 3. Final Rules
Rule 144(i)(1) defines a shell company as a company that has:
(A) No or nominal operations; and
(B) Either:
No or nominal assets;
Assets consisting solely of cash and cash equivalents; or
Assets consisting of any amount of cash and cash equivalents and nominal other assets.
Can a court even appoint a custodian for a company that is not a shell? It doesn't seem like the answer could ever be yes...???
FEATURED POET Wins "Best Optical AI Solution" in 2024 AI Breakthrough Awards Program • Jun 26, 2024 10:09 AM
HealthLynked Promotes Bill Crupi to Chief Operating Officer • HLYK • Jun 26, 2024 8:00 AM
Bantec's Howco Short Term Department of Defense Contract Wins Will Exceed $1,100,000 for the current Quarter • BANT • Jun 25, 2024 10:00 AM
ECGI Holdings Targets $9.7 Billion Equestrian Apparel Market with Allon Brand Launch • ECGI • Jun 25, 2024 8:36 AM
Avant Technologies Addresses Progress on AI Supercomputer-Driven Data Centers • AVAI • Jun 25, 2024 8:00 AM
Green Leaf Innovations, Inc. Expands International Presence with New Partnership in Dubai • GRLF • Jun 24, 2024 8:30 AM