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Posted On: 04/25/2018 2:41:21 AM
Post# of 29251
I read the IR email posted by Beandog too. You are definitely not overthinking it by saying they didn't file it until earlier this month. However, that is just speculation on your part since, at this point, you don't know when they filed or even if they've filed at all! A good question at this point would be what are they waiting for? The name change was official March 5th, so why, as of March 28th, had they not even filed for the ticker-change? Or, as they said, "are in the process of filing a name change application to FINRA under Rule 6490 which will include a name and symbol; change."
Now, I just did some research and here's where it gets interesting.
If you read Rule 6490, under (a)(2) you'll see that symbol and name
changes are in the category of "Other Company-Related Actions".
If you then go to (b)(3) you'll see:
"All requests to process documentation related to Other Company-Related Actions must be complete and submitted to the Department, in the manner and form required, no later than the time period prescribed for such Other Company-Related Action by FINRA. Notice and information submitted for Other Company-Related Actions must be submitted no later than 10 calendar days prior to the effective date of the company action. A Requesting Party that does not submit a completed FINRA action form to the Department, in the manner and form prescribed, at least ten (10) calendar days prior to the proposed effective date of the company action, shall be deemed "late" and as set forth in this Rule, subject to an additional fee before being processed."
This is what got my attention. Am I reading it wrong or does that say it only takes 10 days for the name and symbol to be changed?
If that's true...why is it taking so long? Was the application filed but it's taking longer due to a deficiency in the application? Have they even filed at all? What is the company not telling us? Why are they not telling us?
I'm long and that's not going to change, but this needs to be addressed.
If you want to read Rule 6490 for yourself, the address is below.
http://finra.complinet.com/en/display/display...nt_id=9364
Now, I just did some research and here's where it gets interesting.
If you read Rule 6490, under (a)(2) you'll see that symbol and name
changes are in the category of "Other Company-Related Actions".
If you then go to (b)(3) you'll see:
"All requests to process documentation related to Other Company-Related Actions must be complete and submitted to the Department, in the manner and form required, no later than the time period prescribed for such Other Company-Related Action by FINRA. Notice and information submitted for Other Company-Related Actions must be submitted no later than 10 calendar days prior to the effective date of the company action. A Requesting Party that does not submit a completed FINRA action form to the Department, in the manner and form prescribed, at least ten (10) calendar days prior to the proposed effective date of the company action, shall be deemed "late" and as set forth in this Rule, subject to an additional fee before being processed."
This is what got my attention. Am I reading it wrong or does that say it only takes 10 days for the name and symbol to be changed?
If that's true...why is it taking so long? Was the application filed but it's taking longer due to a deficiency in the application? Have they even filed at all? What is the company not telling us? Why are they not telling us?
I'm long and that's not going to change, but this needs to be addressed.
If you want to read Rule 6490 for yourself, the address is below.
http://finra.complinet.com/en/display/display...nt_id=9364
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