The SEC is not going to suspend this, but SIGO already defaulted on their debt, and they're subject to not only an acceleration clause, but also penalties. Instead of paying 150% of $220,000, they now must pay 200% of $220,000. Their $220,000 loan will now cost them $440,000, plus the interest will go from 12% to 24%. Yes I know they will pay off this loan when the larger financing comes through, but at the moment it hasn't been signed.
3.10 Failure to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the Exchange Act (including but not limited to becoming delinquent in its filings); and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.
Also, I saw your post on the conversion dates. Has anything been converted, we don't know?
On 12/19 and 12/20 the low was $.60, so half of that would be $.30, and lets assume they convert the $220,000 immediately, so no interest, and no penalty for the late 10K. That would be 733,334 shares. There are some limits though, they can’t own more than 4.99% of the O/S, unless they give the company 61 days notice, then the limit is 9.99%
“Market Price” means the lowest Trading Price for the Common Stock during the twenty-five (25) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the lesser of: (i) the lowest trade price on the OTC Pink”
I'm making numerous assumptions about SIGO, by default one is SIGO will not get a trading suspension by the SEC. Put another way, some difficulties just don't even get consideration.
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