First the very fact that it cannot even meet the OTC’s meager reporting standards is enough to show it is not even worth looking at. Better yet that tier has been severely cut down the past couple of months by the SEC. There used to be over 6000+ securities in the No Information Tier, today there are only 2945 securities remaining in that tier. That tier barely trades $22 million dollars with all of those securities under it. In contrast the Current Information tier with it’s 2250 securities traded over $250 million dollars, with 700 less securities under that tier.
Do I really need to point out where the money is at? Very few OTC securities are “legit”, although I have to say the recent clean up is making some changes, it still has a ways to go.
FOGC is No Bid and Illiquid for a reason, someone diluted the living crap out of it and now without DTC eligibility each time someone shows up with new shares they have to dump even more shares to pay for the excessive deposit fees to the only brokers allowing them to deposit new shares. I mean someone just dumped 500 million shares the last 3 trading days at .0001 with No Bid.
Last thing I will point out, currently all of these Non DTC eligible securities are being requested to submit information regarding their Non DTC eligible status. Those who do not reply will automatically be suspended by the SEC as the final disposition. The rest that do answer will likely under go further questions until they either meet the DTC satisfaction or be passed on to the SEC for final disposition which will likely be suspensions also.
Not sure why anyone wants to play in the fire with Non DTC eligible securities at this point. The SEC is swift with decisions, 379 OTC securities were all suspended last month in the largest to date suspension.
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