Global Links Corp (GLCO)

[ORCA]

GLCO.THE SIX MONTHS EXPIRED.THE SEC WILL PROCEED NOW WITH DELISTING.
Companies that fail to file within the allowed grace period are subject to a variety of costly penalties, including deregistration by the SEC, delisting by stock exchanges, the inability to raise capital through issuance of public securities, and potential debt covenant violations.

Other adverse consequences include the inability to hold an annual shareholder meeting until the 10-K is filed. However, that the most costly penalties are typically imposed only in the most egregious cases. For example, SEC administrative proceedings are usually reserved for issuers who are excessively late; and stock exchange delisting procedures are typically not triggered until the company is at least six months late in its filing. However, some penalties are effectively imposed immediately upon expiration of the grace period. Specifically, companies who miss the grace period are not eligible to issue securities using Form S-3 (referred to as “shelf registration”) until they have filed in a timely manner for at least 12 months. This imposes costs by limiting a company’s ability to raise capital on a timely basis. Covenant violations are also a potential cost that would be immediately incurred.