Well, I wouldn't put my doubts as low as zero -- LOL. This is after all the OTC.
But things are looking pretty darn good for my boatload of 0003s. And they'll be looking downright fantastic if Mark can just file those audited numbers!
“Form 10 is a timely process. So it'll be a few months before we know exactly what's happening here“
The Form 10 is a 60 day process as it AUTOMATICALLY goes effective 60 days after filing. So that would be a little over a month from now.
That can create some interesting situations when there is a deficiency in the Form 10 that the company struggles to complete.
Usually the SEC will suggest withdrawing it before it goes effective. Otherwise what happens is when it goes effective and there is a material deficiency they could refer it to Enforcement and a suspension can result.
Mark runs a huge risk in having filed it without the financials…because it is not like he can just upload them on the 59th day and all is good. The SEC will still need to review and that usually takes 10-20 days at least…and if there is a problem it is kind of too late to fix prior to effectiveness.
He shouldn’t have ‘started the clock’ like he did.
But then Mark has had a history of boneheaded moves.
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