How about the sec law . Though it really doesn't matter as finra beat them to the symbol deletion making the shares worthless and untradeable. So all thats left is to revoke the registration .
As an SEC-registered company, the Issuer is required to filed periodic financial reports (10Qs and 10Ks). If they fail to file their periodic financial reports on time they become a delinquent filer.
Any Issuer that becomes more than one year late with their required filings begins to run the risk of an SEC suspension. The more delinquent they become the greater the risk of a suspension. That SEC suspension could come at any time without notice to public shareholders so be sure you know if the stock you are trading is a delinquent filer and that you understand the risk of owning that stock.
Usually the agency sends delinquency notices to the public Issuer before taking action; if the notices are ignored, trading in the company’s stock may be suspended without notice. At the same time, the SEC will initiate an administrative proceeding to revoke registration. The company will be served with a letter informing it that it has ten days in which to make some kind of case for its failure to file. If it does not do so, registration will be revoked by default and the ticker symbol will be deleted. The stock will no longer publicly trade resulting in a 100% loss for anybody that owns the stock.
The vast majority of suspended stocks are those of delinquent filers. Since 2010, 1,723 stocks have been suspended as delinquent filers. To date NOT ONE of the 1,723 suspended SEC Registered stocks has avoided revocation of their stock registration(s)….NOT ONE!!!!!!!!
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