Replies to post #10447 on Electronic Game Card, Inc (fka EGMIQ)

[budge]

this is not a halt. it is a 10 day suspension. that is as long as the sec can suspend. to trade again, they have to get MM's to sign on again to make a market. this will end up in what is called "the grey market". no MM's.

[HokiePokie]

I looked it up on sec.gov... doesn't look good at all. They suspended EGMI for the maximum time they can (10 days) but since we are on the OTC, we are not guaranteed to resume trading after the 10 days is up. =(

Here's the link: http://www.sec.gov/answers/tradingsuspension.htm

When can the SEC suspend a stock from trading?

When it serves the public interest and will protect investors, the SEC may suspend trading. For instance, the SEC may act when public information about a company is not current, accurate, or adequate. The SEC has acted when serious questions arose about a company's assets, operations, or other financial information.

Will trading automatically resume after ten days?

It depends on the market where the stock trades. Different rules apply in different markets.

For stocks that trade in the OTC or the over-the-counter market, trading does not automatically resume when a suspension ends. (The OTC market includes the Bulletin Board and the Pink Sheets.) Before trading can resume for OTC stocks, SEC regulations require a broker-dealer to review information about a company before publishing a quote. If a broker-dealer does not have confidence that a company's financial statements are current and accurate, especially in light of the questions raised by the SEC, then a broker-dealer may not publish a quote for the company's stock.

In contrast to OTC stocks, stocks that trade on an exchange or Nasdaq resume trading as soon as an SEC suspension ends.