What has to happen for a SEC Suspended stock sent to the Greys to get back on the Pinks? Does the SEC have to officially make announcement that no further action is being taken?
There's no actual rule. Officially, what the company needs to do is find an MM willing to file a Form 211. Then FINRA has to be willing to approve the Form 211. Neither is easy, judging by how few companies succeed in returning to the Pinks.
It seems that a no-action letter from the SEC makes things easier, but won't result in an instant return to normal trading. The only real example we have is offered by EMGE. It took them a long time:
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