Replies to post #39022 on 12 Retech Corp (fka RETC)

[ANTI-BAGHOLDER]

I guess he plans to clean them up? Seems like a ton of work though.

[OM33025]

I’ve wondered why he chose this INE too. Their only asset is that software for retailers. Could that software be the reason? Will it compliment what HMBL or another company is doing? We will find out soon enough.

[samsamsamiam]

Apparently they didn’t qualify to file a form 15

From the shareholder letter in April 2021

Our management team strongly believes in what we can and will accomplish for retailers and in which our shareholders can benefit from in the future. We believe it was vitally important to make sure the Company survived this pandemic shutdown and would be able to quickly restart our operations and transition our technology to perform in the post pandemic world that is coming. There was and is not enough capital to do everything, but our priorities stayed focused on our operating companies. To limit the immediate cash burn, we were unable to fully engage auditors and attorneys to maintain our SEC filings on a current basis and since we have more than 1,500 shareholders, we don’t qualify for a Form 15 filing so we could not do alternative filings with OTC markets. While this is unfortunate, I believe that most of our shareholders understand that there hasn’t been much activity throughout this period due to the Covid-19 shutdowns anyway.


https://www.sec.gov/Archives/edgar/data/1627611/000149315221007705/form8-k.htm


Remains to be seen if the SEC accepts their excuses for needing a delay
Or George’s filed excuses (I assume he will have to file) otherwise the stock will be suspended and revoked.

Looks like they need money to pay for an audit to stay listed before filing a form 15 if that’s the route George wants to go. I’m still not sure the dogfight in court is over. I saw the ruling as a temporary decision until the defense presents their plan. Perhaps their plan is to let George merge something into the company. They may have lost control (temporarily?) but certainly not their shares.

Will be interesting one to watch as I don’t believe it is a shell peddlers usual MO hijacking companies using that
“EMERGENCY MOTION TO APPOINTMENT OF CUSTODIAN PURSUANT TP NRS 78.347 AND FOR TEMPORARY RESTRAINING ORDER AND MANDATORY INJUNCTIVE RELIEF - “ tactic. Most likely the way it was decided so quickly.
At what point does George look for skeletons in the closets and decides he doesn’t want something? Wouldn’t!t that have been done prior to filing this claim?