Well your copy and paste isnt accurate.
"Form 10 registration statement is automatically effective 60 days after filing, regardless of whether the issuer has responded to all Securities and Exchange Commission (the “SEC”) comments."
That isn't necessarily true - Sharp had to withdraw the Form 10 for GVSI over 2 years ago because the Form 10 wasn't going to be deemed effective.
The Securities Act of 1933, as amended, a Form 10 cannot be used to create unrestricted shares. A purchaser of a Form 10 Shell may incur the expenses of SEC reporting yet may derive no benefit because the securities are not publicly traded.
Don't forget that the Form 10 company has to file a Super 8-K.
"Super 8-K’s disclosure requirements for reverse merger transactions are expansive and in most respects and comparable to the disclosures found in a registration statement under the Securities Act of 1833, as amended (the “Securities Act”). In addition to these requirements, issuers must comply with FINRA’s notice requirements under Rule 6490. Reverse merger issuers often find their securities subject to Depository Trust (“DTC”) scrutiny, DTC Chills and global locks because of the presumption of fraud associated with reverse mergers."
Your post about a Form 10 didn't mention a Super 8-K had to be filed for a reverse merger.
This is also a problem - If the Form 10 is effective and the information contained in the Form 10 is complete and current then the issuer has satisfied SEC Rule 15c-211.
Since WNFT and SRNW filed a Form 10 but they are both deficient in filing a 15c. So there is obviously a problem with the information in both Form 10s.
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