Skiluc- Management cannot simply hold back information, such as to coincide or immediately follow the expected up-listing. The SEC rules are pretty clear on this and can result in significant ramifications if violated. "Material" information needs to be published promptly..
Following are the rules for the NYSE, NASDAQ and OTC. The language is slightly different in each but the bottom line is the same- Materials news is news that a reasonable investor might reasonably expect to materially affect the stock. You cannot just wait for a strategic time to release it.
NYSE-
-Pursuant to Section 202.05 of the Listed Company Manual, NYSE companies are expected to “quickly” release information that might reasonably be expected to materially affect the market for their securities.
NASDAQ-
Obligation to Make Public Disclosure
(1) Disclosure of Material Information
Except in unusual circumstances, a Nasdaq-listed Company shall make prompt disclosure to the public through any Regulation FD compliant method (or combination of methods) of disclosure of any material information that would reasonably be expected to affect the value of its securities or influence investors' decisions.
OTC-
OTCQB companies must quickly issue press releases to the public to disclose any news or information which might reasonably be expected to materially affect the market for its securities.
I do not believe Mark Smith would allow Jim to intentionally withhold material information and I do not believe the company's excellent and experienced legal counsel would let it happen.
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