When a stock is not quoted for 3-days in a row, the ticker is automatically delisted to the next exchange down. So if you are already an OTC, you will bump down to the grey sheets.
Because the SEC suspended the trading of UTOG for 10-days, the 3-day unquoted rule kicked in. Has nothing to do with whether or not the claims against the company were legit or not.
This is part of the process where corrupt Hedge Funds make their money and regular shareholders get screwed. Until someone changes this process, companies that are legit wear a huge bullseye on their back.
If there were more regulations for a company to qualify taking their company public in the first place, perhaps we wouldn't see so much fraud in pennyland.
UTOG could stay on the grey sheets indefinately, few companies have the resources to fight for their rights, so they fold or go bankrupt. That's what the corrupt Hedge Funds count on. Company goes belly up, corrupt Hedge Funds never have to cover.
Lets hope UTOG will have the resources to continue their fight.
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