Ocata Therapeutics Inc fka OCAT

[rocky301]

louisa,

IMO, ACT did everything according to rule when they became fully compliant with the SEC filings. They got a market maker to sponsor them, meaning they have in possession all info and records required here:
http://www.law.uc.edu/CCL/34ActRls/rule15c2-11.html
Once the "frequency-of-quotation test" is applied/approved then other market makers are piggyback qualified meaning they do not have to submit a 211 to play the game. So, once our sponsoring MM did not quote ACT according to FINRA rules, we were removed. I would assume ACTC is working on or has another MM in line to submit a 211 to resume being quoted on OTC:BB. In February we had 24 MM's that actively traded ACTC, one would be our Sponsor MM and quite possibly 23 of them piggybacked. IMO, the only thing ACTC could have done differently was to have 2 or more sponsor MM's which in most cases is not necessary. Anyway, that is how I read it and I don't blame ACTC at this time.
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Piggy-Back Rule
A "piggyback qualified" security is one that meets the frequency-of-quotation requirement described in SEC Rule 15c2-11(f)(3). The frequency-of-quotation test or "piggyback" exception is based on whether a broker/dealer has itself published quotations in the security in the applicable interdealer quotation system on at least 12 business days during the preceding 30 calendar days, with not more than four consecutive business days without quotations. Once this criteria has been satisfied, authorized participants may register on-line in a security. As long as the security remains piggyback qualified, any participant may quote the security without a Form 211 submission.