Your post is full of misconceptions about the pinksheets, so let me straighten it out for you
1. Wellman is not required to keep SEC filings current (10Qs, 10Ks, annual meeting, etc
This is incorrect. Periodic reporting obligations have nothing to do with how and where the stock is traded. The reporting obligation is tied to its stock being registered with the SEC. As long as the company stock is registered with the SEC, the company has the same reporting obligation as any other stock listed on any national exchange. To escape this reporting obligation the company must file a Form 15 to deregister its stock with the SEC
From Section 12 of the 1934 Exchange Act: ……if the issuer has a class of securities registered, or required to be registered, pursuant to Section 12(g) of the Exchange Act or another class of securities registered under Section 12(b) of the Exchange Act, the duty to file reports will continue
In addition, from WMAN delisting PR: ……Wellman will remain a reporting company for SEC purposes and will continue to comply with all reporting requirements, the company said, noting, “This decision should not impact the financial status of the company or affect the way it conducts its business.”
2. we will not get info on insider ownership/trades, institutional ownership, and shorts (naked or otherwise).
Wrong again. Institutional ownership reporting is mainly the institution’s responsibility not the company’s, although the 10-K will typically include a tabulation of the 5% and larger holders. Pinksheet short reporting is done twice monthly, just as before when listed on the NYSE.
3. Wellman had all SEC filings current so it could have easily have gone to OTC-bb .
Not true. Wellman did not choose pinksheets. All delisted companies will initially be listed on the pinksheets. Once the company has found an OTCBB sponsoring market maker, this marketmaker can then apply for quotation of WMAN on the OTCBB. Only MMs can apply to quote securities on the OTCBB. This process is likely ongoing but usually takes a few months.
Welcome to the Pinksheets, but you need to read up on the subject
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