If the SEC decides to revoke the stock's registration, then according to the SEC:
The SEC may revoke the registration of stocks "The SEC may revoke the registration of stocks. In some circumstances, the SEC may revoke the registration of a defunct company's stock pursuant to Section 12(j) of the Exchange Act. Under Section 12(j), the SEC is authorized to revoke the registration of a security if it fails to comply with the federal securities laws. No broker-dealer may execute any trades in stocks whose registration has been revoked pursuant to Section 12(j)."
Denial, suspension, or revocation of registration; notice and hearing "The Commission is authorized, by order, as it deems necessary or appropriate for the protection of investors to deny, to suspend the effective date of, to suspend for a period not exceeding twelve months, or to revoke the registration of a security, if the Commission finds, on the record after notice and opportunity for hearing, that the issuer, of such security has failed to comply with any provision of this title or the rules and regulations thereunder. No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked pursuant to the preceding sentence."
So it appears a stock that has it's registration revoked will cease to trade. It sucks because I also have funds locked up in this POS. Fortunately I did take some profit before the trading was suspended; however, I was hoping that the CEO and SEC would arrive at a resolution that would allow shareholders to recover at least some of their capital. It doesn't seem like that's going to happen though. : (
I suppose the only thing we can do is chalk this entire event up to a learning experience. Such is trading in the Wild West! All the best. - J.D.
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