This is makin' me nuts and "lol" ain't helping any :O)
1. Trading was suspended by the SEC effective 10/5 for 10 days:
"because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the amount of sales and customer orders received by SpongeTech, investment agreements entered into by SpongeTech, and SpongeTech's revenues as reported in its financial statements.
2. In accordance with Rule 6530(a)(2) ("the issuer of the security is required to file reports pursuant to Section 13 or 15(d) of the Exchange Act or the security is described in Section 12(g)(2)(B) of the Exchange Act, and, subject to a thirty calendar day grace period, the issuer of the security is current in its reporting obligations,") FINRA sent a letter saying "If the Company does not request a hearing with a FINRA Hearing Officer, or file its Annual Report by October 16, 2009, it is anticipated that the Company’s shares of common stock will be delisted effective October 20, 2009".
One thing had NOTHING to do with the other. The hearing, if there was a hearing, had NOTHING to do with either the suspension or the investigation.
I know I'm repeating my previous post but, again from 6530:
"The Hearing Officer will consider only the issues of whether the issuer's security is then eligible for quotation in the Service and/or whether the issuer filed a complete report by the applicable due date taking into account any extensions pursuant to SEA Rule 12b-25. The Hearing Officer shall not have discretion to grant any extensions of time for ineligible securities to become eligible."
Pup, Pilgrim, I am in 100% agreement that "the SEC still considers them to be a fully reporting company and are required to file the report according to the rules and policies of the SEC ". But that has absolutely NOTHING to do with the fact that the company has been delisted from OTCBB status. And based on that delisting can no longer be subject to FINRA rules. Hence Spongetch as of 10/20 CAN NO LONGER be subject to any rule that includes this term "(A) while quoted on the OTCBB, the issuer of the security has failed to file a complete required annual or quarterly report by the due date for such report (including, if applicable, any extensions permitted by SEA Rule 12b-25) three times in the prior two-year period;
To sum up.
This isn't right:
"they're no longer allowed to be quoted on the OTCBB and no longer considered an OTCBB listed company .. however, it was not because they failed to report ( they were just late ) .. it was because they were suspended"
This isn't clear:
"there is the 24 month time period .. and they would fall under the requirements as any other fully reporting company"
This didn't happen:
"the hearing covered more then one issue"
and this wasn't on the agenda:
"if the investigation was resolved at the hearing"
I agree with every last bit of the rest of your post..without reservation.
Here's hoping your bird isn't dry!
