The SEC has "new amended updates on SEC rule 15C2-11" (copy quoted words into Google search to get more info). This new reg was published in September 2020 and will affect the OTC Markets. QX, QB, and Pink w/Current Information stocks are in okay shape, but many OTC stocks do not currently meet the new SEC rule and would lose the ability to be listed and traded in retail accounts. Retail accounts would only be able to trade Non-qualified OTC stocks through licensed professionals. SOME On-line Brokers have started implementing these new rules this year in anticipation of June 30 and Sept 28 deadlines. This is why we have seen some brokers prohibiting trading of certain OTC stocks. But it is not clear when all brokers will implement, or how they will apply this new rule to individual accounts or different classes of OTC stocks.
PCTL has until June 30 to indicate their listing intentions to the SEC. Pinks with limited info stock are sort of in purgatory. Limited information doesn't disqualify a stock (although some OTC statements could be read that limited info companies would NOT qualify for OTC retail trading - It depends on the meaning of the word "current") But this is NOT considered a permanent classification that a company shoots for. It is mostly for companies with late filings or just starting without Investment Banker backing. If fins are too late, then the new SEC rule could stop the OTC from listing/quoting/trading. Under the old regs, a company could slip into "No Information" status and still be traded in retail accounts. That does not appear to be the case starting Sept. 28. Likewise, Companies could maintain "Limited Info" status by always filing late, but they couldn't delay theirs fins any more than the various 6 to 16 months lag times spelled out by the SEC/OTC. This wouldn't be wise to do in light of SEC comment that "all companies must disclose current information on a continuous basis." In light of the new amended updates on SEC rule 15C2-11 and the upcoming deadlines, by delaying their 10Q filing, investors do not have a clear idea of PCTL's ability, desire, or intent to meet the new SEC rules or maintaining their current listing status.
Yes, they may eventually file their late 10Q, but there is no reassurance or commitment by the company to meet any deadlines as of this post date & time. You would think in light of these changes happening in the OTC market, that PCTL would communicate something to shareholders?? No?
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