It was deemed PACV had "defective corporate actions" on their reports, which in my opinion is fraud. PACV was filing old information that needed updated and FINRA denied the reverse split, and PACV claimed it was basically an accident.. It appears FINRA wanted signed copies from past executives (1989 - 2018) based on filed data from PACV, but that did not stop FINRA from approving the reverse split in 2020, so why now?
This 8k basically allows framework for PACV to "cure" this mistake. These type of actions would absolutely never happen on the NASDAQ, far too many attorneys that would eat PACV alive fighting lawsuits over this type of negligence.
PACV recently settled an enormous debt ( $7 million) using equity, approved a massive increase of authorized shares (800 million to 5 billion), and launched an expansion to online sales for their meat company. The CEO, in my opinion, had every intention of completing the reverse split. They have the share price down to 0.0001 with 4 billion shares to issue for debts, I thought for sure they were going to hammer this days before the split resets the structure. However, FINRA put a stop to this and now PACV is moving to plan B, which hopefully includes creating momentum with their existing structure.
This is my observation. I would absolutely NEVER trust this company ever again after the events we watched in the past 12 months.
I do believe that when FINRA approves this correction, that PACV will again file a new 14c to process the reverse split.
