Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

Hash,
Your citation relates to revocation of broker/dealer registrations, but the point remains the same for issuers:

Section 12 -- Registration Requirements for Securities

j. Denial, suspension, or revocation of registration; notice and hearing

The Commission is authorized, by order, as it deems necessary or appropriate for the protection of investors to deny, to suspend the effective date of, to suspend for a period not exceeding twelve months, or to revoke the registration of a security, if the Commission finds, on the record after notice and opportunity for hearing, that the issuer, of such security has failed to comply with any provision of this title or the rules and regulations thereunder. No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked pursuant to the preceding sentence.

k. Trading suspensions; emergency authority

1. Trading suspensions

If in its opinion the public interest and the protection of investors so require, the Commission is authorized by order--

1. summarily to suspend trading in any security (other than an exempted security) for a period not exceeding 10 business days, and

2. summarily to suspend all trading on any national securities exchange or otherwise, in securities other than exempted securities, for a period not exceeding 90 calendar days.


http://www.law.uc.edu/CCL/34Act/sec12.html