Its a simple process for the SEC. They look at the last financial document for SPCL and check the date.. The last SPCL financial document was an NT10K(Form 12B-25) dated March 31, 2016. The company address was shown as Palm Springs. The SEC sends a delinquent letter to that address. Bingo bango bongo no response and a 10 day suspension. After about three years of no financials what did the management of SPCL think was going to happen?
Bearslayer I believe you have the best assessment I have read to date. There is 1 way out, through capitulation to SEC regulations & procedures. If anyone has doubts, put on your legalism goggles and read the SEC regulations pertaining to the specific halt placed on SPCL. Great Risk, hopefully the Reward is commensurate.
My assumption and it is strictly mine, is that the company responds within the suspension timeframe and is in contact with their previous connection at the the sec to help in this review process and expedite the reinstatement with updated filings.
you assume incorrectly. bringing filings up to date now does not mitigate the fact that this company committed securities violations by being seriously delinquent. that point can not even be debates and the sec has now begun revocation proceedings.
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