Great explanation...still some hope here in the future of someone picking this shell up...maybe not as clean as we thought?? glta
On September 28th, OTC Pink/No Information tickers do NOT move to the Grey Market.
Instead, all OTC Pink/No Information tickers will be moved to the Expert Market. That is where OTC Markets already puts stocks which OTC Markets have labelled as Caveat Emptor.
Only institutional investors and accredited investors are allowed to purchase stocks on the Expert Market.
However, because the OTC Pink/No Information tickers will retain that designation, they will not need to go back through the Form 211 process with FINRA as they would if they were moved out of OTC Pink and into the Gray Market.
If an OTC Pink/No Information ticker files the required paperwork to bring their filings current, the ticker will be reclassified as OTC Pink/Current.
People here on iHub who are attempting to scare you into selling your shares through a market order before September 28th are hoping they can acquire your shares for as low as $0.000001 per share. That is the lowest price possible.
Then, they can try to sell your shares at $0.0001 per share for a 9,900% profit.
Note that as of September 28th, you will no longer be allowed to submit market orders for your OTC Pink/No Information stocks and limit orders generally are not accepted at prices below $0.0001 per share.
If you still holding shares for an OTC Pink/No Information stock, you should only have limit orders at a price of $0.0001 per share or higher.
If the corporation files the necessary paperwork to bring their filings current, the stock will resume normal trading and you will get a chance to recover your cash. Otherwise, eventually in a few years, the stock will die and you will have to take the tax deduction on your loss at a rate of no more than $3,000/year unless you have gains on other stocks to offset the additional losses.
