FINRA used to approve corporate actions quickly and rarely without fail. I was a critic of FINRA back then because it seemed like they would approve corporate actions for pretty much anybody. There were super obvious dilution scams doing 3 reverse splits in one year and super obvious shell schemes doing name/symbol changes.
But times have changed. Starting by 2015, FINRA began better exercising its power to ask questions and request information often delaying corporate actions for months and in many cases flat out denying corporate action requests. Serial diluters started having reverse splits denied and in the past year or so FINRA has become especially stingy with reverse mergers involving pink sheet shells.
I've noticed quite a few tickers that I have researched/followed closely having trouble with corporate action requests over the past year or so including 3 stocks I've followed closely in recent months:
SRMX has been trying to get a name/symbol change done for almost a year now
ANDI has been trying to get a name/symbol change done since before February with no luck
LDSR has been trying since late-January/early-February
I'm not saying LDSR won't get a name/symbol change completed in the future. They might or they might not. I don't know because I don't know if the only issues FINRA has is the merger stuff or if there are other issues that might be playing a part in FINRA's decision (perhaps the debt situation or questions about the Data443 operations). I'm just saying there has been good reason why it hasn't happened yet.
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