but why is this the only option, can't they make their case within 10 days as to why they didn't file?
think of it like this because this is how the sec thinks. if you rob a bank but go back the next day and return the money, are you still guilty of bank robbery?
Fair questions, MakinBank. The only reason a company might co-operatively accept revocation instead of waiting for the SEC Admin Law Judge to forcefully revoke the stock registration is IF the company has desire and intention to be a public company rather than a private company.
By reading thousands of Revocation Orders the SEC simply does not accept excuses for any public company failing to satisfy their Registration obligations, particularly when EVERY registered company has the lawful option to de-register from the SEC to become a non-reporting, unregistered stock similar to thousands of other OTC stocks that are not registered with the SEC.
EGYH could have simply become an unregistered OTC stock by filing a FORM 15 to de-register from the SEC and could have avoided the SEC Suspension and subsequent revocation. The company DID NOT do that simple task to de-register. Thus, EGYH is 100% responsible for not only being delinquent in their filing obligations but they were also irresponsible by not de-registering to avoid the Suspension and revocation.
Unfortunately, once the SEC Admin Law Judge revokes Energy Holdings International Inc.'s stock registration the stock cannot thereafter trade as an unregistered stock on the OTC. It is just the way it is.
If you are able to contact the company, noting that the SEC was unable to contact the company, you can ask them what their intentions are. If you are unable to contact the company then that is your answer....the company may no longer be in operation.
In my linked post it directs all holders of an SEC Registered stock to get out of the stock when the stock becomes severely delinquent in their Financials. Lesson for any other stock.
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