The ticker could certainly go to the grey market if the SEC feels something fishy is going on or the pubco hasn’t filed reports in forever. Happens in bulk, we’ll documented.
....As abandoned shells, the door is opened for a shell hijacker to file a custodianship petition with the local court (in the state of incorporation) to take over control of the shell (see our blog post – Understanding Custodianship Plays). Most custodianship petitions go uncontested resulting in the shell hijacker’s petition being granted. Though it sounds like a good thing for an abandoned shell to be granted a second life, unfortunately, most of these shell hijackers aren’t looking out for the best interests of the shareholders despite what they tell the courts. More often than not, the shell just ends up being used for a new round of pump & dump activity which often includes backdated and/or bogus debt Notes followed by pump & dump activity. Often the buyers of the hijacked shells are gullible struggling business owners that have no idea they are buying a dirty tainted shell. The are suckered in with promises that the shell can be used to raise capital for their struggling business then they get taken advantage of by the wolves that lured them in.
....Putting together a stable of shells for sale is not difficult. One method is for the shell purveyor or his or her associates to apply for custodianship of a dormant or inactive public shell in its state of domicile. Many dormant Pinks are Nevada companies, and so Nevada is a familiar choice for these fraudsters. All the would-be shell peddler need do is locate a Nevada public company that’s been abandoned or is inactive, and its corporate charter consequently revoked. The peddler would then purchase a few shares of stock and apply for custodianship on the grounds that he has a financial interest in the company and wishes to reinstate it for the “benefit of the shareholders”. His or her attorney will submit filings that supposedly demonstrate his probity and good intentions, and will pay the state $270 to file a legal action. After a few routine hearings, the custodianship will be granted by an unsuspecting Nevada judge. Though a few follow up filings are required, they rarely happen and when they do, the filings omit material information. At that point the new custodian will sell the shell to anyone interested.
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