Let me help with the “bottom line,” because you’re mixing up two different SEC processes.
Form 10 is not “made effective” the way an S-1 is. There is no approval order, no effectiveness notice, and no clock that flips a switch.
A Form 10 becomes effective by operation of law once the SEC’s comment process is complete and no further comments are issued. That’s it. Silence is the outcome.
What you’re really saying is “it’s taking longer than expected,” and then backfilling that frustration with inference. Time alone is not evidence.
If there are specific factual defects in the filing, please name them.
Otherwise, sell your shares at the bid and move on, we’ll buy them Monday morning.
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