427: Re: spoke: I'm not sure about this but I remember something about a 45 day period. Do you know what that period was about?
As I recall, the "investors" could begin selling shares either when the registration statement is declared effective or 45 days after filing the registration statement - whichever comes first.
Also, is there ever a verbal approval before the written approval?
I doubt it. The SEC is not the type of organization that works on verbal notification, IMO. Furthermore, the PR stated that the SEC declared the registration statement effective yesterday. It said nothing about receiving written notification of a previous verbal declaration. Once again, there seems to be a rather dramatic difference between what the company says privately, and what they release publicly.
It seems pretty clear to me. The PR was unambigous that the SEC made its declaration yesterday. That declaration yesterday signaled the end of the quiet period. The fact that wholesale selling is taking place today is further evidence that the quiet period is only now over.
I don't mean to quibble over a matter of days. As I said before, I was wrong about how long I thought it would take. However, the quiet period clearly did not end until last night. Ray said it was over 10 days ago. This time, there can be no argument about misinterpretations or qualifications. The actual e-mail was posted here. Ray was asked if the quiet period was over, and he said "yes". He did not qualify it, he did not say that they had only received verbal notification. He said it was over. That was clearly not true.
AI
