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Friday, June 02, 2023 2:20:40 PM
-The Company issuing CD is notified
- No TA will remove restriction without a legal Opinion . There are cases of SEC not accepting opinions as there are “mills” just turning out opinions which are weak re Rule 144 criteria.
- Company cannot stop conversion if criteria met.
Repeat: The Company does not have approval authority as conversion is in terms of CD if Rule 144 criteria met. The only thing a Company can do is get a injunction and they need evidence to do so.
Otherwise, Companies could stand in way of contract terms being fulfilled as agreed.
Furthermore, the SEC has taken the position in cases that the legal opinion must be from an independent legal counsel approved by the SEC , not an issuers counsel .
The SEC does not like CD’s less and less each year.
Recent DBMM News
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- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/17/2023 09:15:45 PM
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