The login gives him access to the account for CLSI so he can upload filings. I am guessing that with the transfer of the shell, the new business has to create its own account at this point as opposed to using Clancy’s since they are giving the company name back to Clancy. Again, GUESSING.
When I spoke to Liz, she indicated the name went with the ticker and they had to separate the company name from the ticker symbol. The evidence of that is that Liz said if they don’t give the name back, she has to change the company name slightly to file taxes as Clancy Systems instead of Clancy Systems International.
I give a warning here: I am not an expert into the processes that need to happen for this. If there is an expert here, chime in. IF I had to think about it from a business transaction standpoint, contracts had to be verified and certain things filed to separate the two, etc.
I asked the OTC a couple of weeks ago when I called them how long it takes to upload filings after someone has a login. They said 20 - 30 minutes after a client uploads a file, it will be available on the site. THIS is why I say the filings will hit fast once he gets that login information.
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