Eric is a long way from fixing the problems with this ticker. Besides needing large ammounts of cash to escape the Chill, Some Requirements may very well be unattainable.
In January 2009, FINRA sent a regulatory notice to its member broker dealers warning that they are obligated to trace the origin of stock certificates back to the original issuers or face hefty fines for failing to complete the due diligence. This process is expensive and time consuming and many broker dealers are just not willing to go through the trouble for a penny stock. Following the regulatory notice,
DTC is now requiring documents which may not exist or which may be impossible to obtain. For example, DTC requires the original offering document for public issuances. For a company that went public 10 years ago, subsequently failed and became a shell, and changed management a dozen times in between such offering document can be unattainable.
When that same company now wants to complete a reverse merger with a solid operating business, file a registration statement and become fully reporting and transparent, they may not be able to become DTC eligible. In addition, DTC has been taking a very long time to clear penny stocks, even when the paper work is in order. Many months or more can go by without communication. DTC has no time limit requirements so an applicant is at their mercy.
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