Has anyone actually seen the reason why FINRA refused to process the application for the Reverse Split? If you read Rule 10b-17, there are five reasons listed why they can refuse.
All the company has said is that they would not process the application (this is the legal language for turning it down). They appealed the decision and FINRA denied the appeal.
It would be too lenghty to post all the reasons why they would refuse to process the application. But from reading the rules it is clear that it could be any number of things. Bad paperwork (fixable by fixing the paperwork), not in compliance with reporting requirements (fixable by getting in compliance), fraud, current investigations, or uncertainty in settlement and clearance process. I'm sure there are some hard and fast rules in there somewhere. Is it one of those rules?
So which is it? All the company has said is the application was not processed and they appealed. The appeal was denied.
My guess (only a guess) is that they have had too many R/S in the past 12 months.
The language in this 8K about the same as was in the previous ones that delayed the R/S.
Someone needs to ask exactly what was wrong with the application. If it was for too many R/S in the past 12 months, then it should be pretty easy to figure when that time-frame will be up and they can do another. If it was for "other" reasons, I would think that would be material facts that shareholders would be entitled to.
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