I called "Finra" myself >
right after the announcement that the OTC deleted the ticker symbol.
Finra told me that they had received a request from someone to have the symbol deleted. Finra then contacted the OTC, and the OTC deleted the symbol.
Finra said that the symbol could be reinstated if someone at the company or another party filed a Form 211.
Do I think the ticker was deleted prematurely?
Yes, I do.
I have read all about "Reverse Mergers" with "Shell" companys, so I know some things about how they are formed, and the steps that need to be taken to get them formed.
I'm NOT a corporate lawyer though, so I don't know if at this point, it is conceivable, or if it has even been contemplated.
What I do know, is that there appears to be something goig on, because I am seeing that the company is still in Bankruptcy, the Case is not closed, the company has cash of $372,000...and it has NO claims, and NO assets other than cash and a hard drive with financial information on it, that is being kept by the Trustee.
Crossing Automation, the Private ompany that has a lot of ties to the company, had objected to the "Plan of Confirmation".
Asyst, by all intents and purposes, is a "clean Shell", having no assets, liabilities, or claims.
I don't know if a Reverse Merger will happen between these two companies, but all the clues of the two forming a R/M are there.
Could the "Plan",of a R/M have been taking place behind the scenes throughout this entire Bankruptcy process? Absolutely.
Are the canelled shares able to regain their intact status?
Absolutely.
Is the company a "shell" ? Yes.
The lawyers in this case,have not answered my e-mails, so I am not able to find out much about what's going on.
In the meantime, I keep reading all the public records on the case as they are released, and post them to the board for all to read.
Obviously, if anyone had shares in ASYTQ, and thought they were worthless because they were deleted, and took the Tax-Loss at the end of last year, no longer owns the shares. If on the otherhand, a shareholder, did not take a Tax-loss, and still holds the shares in their brokerage account, they are entiltled to all the benefits that they as shareholders will get, if a Reverse Merger is formed, and the shares are said to be "in-tact" by direction of the court.
For now at least, the Bankruptcy Case is still ongoing, the company has $372,000 in cash, the "WindDown Resrve Fund" has not been completed as it needs to be, in order for the Confirmation Plan to be in place, from my interpretation, and so,in my view,
a R/M is still a possibility, and the deletion of the shares may have been a formality, either to get existing shareholders to take a Tax-Loss, so as to reduce the number of shares outstanding,
or, because a Market Maker would not make a market in the shares because of some reason they have.
If the shares were deleted, with the intent to get shareholders to take a Tax-loss, thereby reducing the number of shares held by the public, then it benefits a R/M, because there are fewer shares. The company has a great share structure of only 50 Million shares outstanding, making it a good R/M candidate.
Hope this helps you understand a little.
Thanks for your interest $hellKing
