Replies to post #63841 on Boreal Water Collection Inc. (fka BRWC)

[timetomakemoney]

The odds are extremely against BRWC. I can't recall any OTC company not being sent to the Greys after a 10 days SEC suspension. Can anyone find an exception.

[linda1]

It may be mandatory for BRWC to report to
the SEC if it has over 1000 shareholders of record.

Delisting BRWC from the SEC may not be an option.

[EarnestDD]

This Scam will forever be a Grey Sheeter.
jmo

[janice shell]

Boreal may change filing requirements to the SEC and the OTC... The possibility of going from a full reporting company to an "ALTERNATIVE" reporting company is an option…

No, that isn't an option. The SEC has begun an administrative proceeding to revoke registration. If the CEO wants to avoid that, she'll have to catch up with those delinquent filings within a couple of months. As the notice says, a hearing will be scheduled IF she replies to the notice.

https://www.sec.gov/litigation/admin/2016/34-79043.pdf

Once upon a time, the SEC was more lenient. If the company made what the agency believed was a good faith promise to get the filings in, they'd give it more time. But it eventually decided that just wasn't worth the trouble, because so few companies ever did file the financials in question. And this CEO also ignored a delinquency letter.

So at best, the SEC will recommend that BRWC accept revocation of registration and then, when it's had time to get its affairs in order, try to reregister by filing a Form 10. Some issuers do attempt this, but rarely with success.

So the likely outcome is that you'll own stock in a private company in a few months' time.