lack of latest financials (yes, pinks are required to submit financials
Satellite, the above statement is incorrect. I am not trying to be picky but rather clarify for you because that statement would surely bring you grief in future postings, here and elsewhere.
There are 3 categories of stocks that can and do trade on the pink sheet platform. ACTC falls under #2 below.
1)True pink sheet: These are stocks that have supplied very limited info on their company and found one market maker to quote their stock per pink sheet rules. http://www.pinksheets.com/pink/otcguide/issuers_getquoted.jsp These stocks have never registered shares under SECTION 12 with the SEC and therefore are not required to file any SEC reports.
2)Non-Compliant Reporting Companies: These are companies that have registered shares under Section 12 with the SEC(example: our SB-2 filings) and are obligated to file reports. They have been removed from whatever exchange they were on because those exchanges require a company to be current with filings, therefore they trade on pinks. These companies are NOT relieved of their obligation to report to the SEC.
3)Same as above but they filed a Form 15 which exempts them from having to report to the SEC. They now are the same as #1, a true pink. These were SEC reporting companies that met the exemption criteria and decided they no longer wanted to report or sell stock to the public.
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