Effective September 27, 2010, the SEC approved FINRA Rule 6490 (Processing of Company Related Actions). Rule 6490 requires that corporations whose securities are trading on the over-the-counter market (OTCQX, OTCQB, OTCBB or pinksheets) notify FINRA in a timely manner of certain corporate actions, such as dividends, forward or reverse splits, rights or subscription offerings, and name changes. The Rule grants FINRA discretionary power when processing documents related to the announcements. FINRA requires that the Company complete the Issuer Company-Related Action Notification Form and submit it to FINRA no later than 10 calendar days prior to the record date of the corporate action. In addition to the Form itself, FINRA requires the submittal of numerous supporting documents and historical corporate information. The historical corporate information must be on either the issuer’s letterhead or that of such issuer’s attorney. Symbol changes associated with name changes are not automatic and must be specifically requested. FINRA charges issuers fees for the processing of corporate actions. Late filings (i.e., less than 10 days prior to the effectiveness of the corporate action) are subject to late filing fee penalties, which can be substantial.
The "explanation" that is being offered is completely false and intended to mislead people into thinking the RS isn't coming at all. It is. The I's are dotted, and we're waiting on FINRA to cross the T's by naming the effective date. A RS is looming and will happen.
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