You may have just seen it. Amateur hour is over. Hopefully, this pop isn't the result of the mistake of thinking "Metro-One Supermarket", a grocery service operating in India, is Metro One Development.
is a form that allows for certification of termination of registration of a class of security under Section 12(g) or notice of suspension of duty to file reports pursuant to Sections 13 and 15(d) of the Securities Exchange Act of 1934.
Since the SEC began its recent run of suspension notices against delinquent filers there has been an uptick in the number of Form 15 filings done by delinquent filers.
A Form 15 is a filing done by an SEC Registrant to voluntarily deregister its stock with the SEC.
By deregistering, the Issuer moves to the Pink Sheets and is no longer required to do periodic reports ( 10-Q's and 10-K's ) with the SEC.
It is obvious that some delinquent filers took notice of the suspension risk and decided it was better to lower the respectability and value of the public vehicle by going dark rather than risk a future SEC suspension.
* Delinquent Filers run the risk of being suspended at any time without warning.
* No longer a suspension risk as a delinquent filer
* Can still be suspended by the SEC if the SEC deems the security to be a risk to the public because of some kind of fraudulent activity.
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