Het skinnyD many are wondering much about the K as well. It seems the company ran out of cash way before the end of the year. Eamils will be sent next week to our benefactor wanting his opinion or concern about glec. The Dr was kind enough to bail Peter out. I notice so many shares have been issued to him. I am guessing he has been the one selling shares on the board without reporting to stockholders. I feel there is something wrong here.
A good question. There are several exchanges upon which a company can trade its stock. The NYSE and the NASDAQ houses the more prestigious and high market cap companies. Lesser companies trade on the AMEX,OTC, pink sheets, and grey sheets (excluding foreign exchanges).
Actually it is a caste system with pink and grey sheet equities being regarded as the most speculative and high risk equities. These are companies that mostly do not file any reporting with the SEC. All of their claimed earnings and revenues are viewed with high suspicion because of no requirement of certifying to the SEC that the reports are true and correct.
The companies trading on the OTC generally are viewed as more reliable when compared to those trading on the sheets.
About 2 years ago, GLEC was on the OTC but was late in a filing of a SEC quarterly. As a result, GLEC was "delisted" from the OTC and moved to trading on the lesser pinks.
There appears to be no set criteria for how a company once delisted from the OTC, can earn a spot back on the exchange. It is generally understood that once a company has 4 consecutive reporting periods of timely filings it is eligible to return to the OTC from the pink sheets. Despite over 2 years of timely filings, GLEC has not been allowed to return to the OTC.
The way in which application is made to return to the OTC is for one or more market makers to file Form 211 asking for permission to make a market on a certain equity. GLEC has had market makers file Form 211, seeking entry on the OTC. However, FINRA has failed and refused to approve a Form 211 for GLEC. It has offered no basis for the refusal, as far as I know.
If you review the link I provided you will see that FINRA is a pseudo governmental regulatory agency.
Hope springs eternal, someday they will act favorably. Maybe.
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