NanoTech Entertainment Inc (NTEK)

[halbaag]

Shajandr said:

But NO company that has ever filed the fatal Form 15 has EVER come back to re-registration and exchange listing. Not even one.

This is misinformation!

Scroll down to the bottom of this and you will see the rules. After filing Form 15 under section 15(d) which they did, they can become reporting again. They can withdraw section 15(d). They just have to file all 10Q's and annuals reports etc. (basically from June 2012 to now) as if they had never filed a Form 15 at all. This results in the suspension (in fact not a termination) being lifted. There is NOTHING fatal about a form 15 for a company which wants to report to the SEC again and uplist to a higher exchange!

I hope this helps you.



Section 15(d) Filers

There are two common scenarios whereby an issuer begins filing ‘34 Act reports with the SEC. One is pursuant to Section 15(d), which applies when an otherwise non-reporting issuer files a ‘33 Act registration statement.

The following is a quote from SEC Staff Legal Bulletin No. 18:

When an issuer’s registration statement under the Securities Act of 1933 becomes effective, Section 15(d) requires the issuer to file the reports required by Section 13(a) of the Exchange Act with respect to each class of securities covered by the registration statement. As the Commission has explained, the purpose of periodic reporting under Section 15(d) is “to assure a stream of current information about an issuer for the benefit of purchasers in the registered offering, and for the public, in situations where Section 13 of the Exchange Act would not otherwise apply.” The issuer must continue to file these reports until the Section 15(d) reporting obligation for each class of securities is suspended.

The Section 15(d) reporting obligation is suspended while a class of securities is registered under Section 12 of the Exchange Act. In addition, there are two other ways in which a Section 15(d) reporting obligation may be suspended. First, Section 15(d) provides for an automatic statutory suspension of this reporting obligation if, on the first day of any fiscal year other than the fiscal year in which a Securities Act registration statement became effective, there are fewer than 300 record holders of the class of securities offered under the Securities Act registration statement. Second, an issuer may seek to avail itself of the suspension provided by Rule 12h-3 at any time during the issuer’s fiscal year if it meets the conditions of the rule.

In order to rely on Rule 12h-3, the issuer:

must be current in its Exchange Act reporting obligations;

must have (1) fewer than 300 record holders of the class of securities offered under the Securities Act registration statement; or (2) fewer than 500 record holders and its assets must not have exceeded $10 million on the last day of each of the issuer’s three most recent fiscal years; and

must not have had a Securities Act registration statement relating to that class of securities become effective in the fiscal year for which the issuer seeks to suspend reporting, or have had a registration statement that was required to be updated by Section 10(a)(3) of the Securities Act during the fiscal year for which the issuer seeks to suspend reporting, and, if the issuer is relying on the fewer than 500 record holder and $10 million in assets threshold noted above, during the two preceding fiscal year.

It is this last requirement, contained in Rule 12h-3(c), that has prompted issuers to seek no-action relief from the staff.

In order to avail itself of the suspension provided by Rule 12h-3, the issuer must also file a certification of termination on Form 15. If the certification of termination on Form 15 is subsequently withdrawn or denied, the company must file all reports that would have been required if the Form 15 had not been filed. Similarly, if in the future the issuer no longer satisfies the requirements under which it was able to cease reporting under Section 15(d), the suspension ends and the reporting obligation returns without any action by the issuer.