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Posted On: 01/14/2019 4:16:58 PM
Post# of 4466
Re: DieselBuzz #4321
OTC Market, a pay-to-play business, has no bearing on MMEX's shell company status - the defining criteria are set by the SEC:
As defined in Rule 405 under the Securities Act and Rule 12b-2 under the Exchange Act, a company (other than an issuer of asset-backed securities) with no or nominal operations that has any one of the following:
No or nominal assets.
Assets consisting solely of cash and cash equivalents.
Assets consisting of any amount of cash and cash equivalents and nominal other assets.
As defined in Rule 405 under the Securities Act and Rule 12b-2 under the Exchange Act, a company (other than an issuer of asset-backed securities) with no or nominal operations that has any one of the following:
No or nominal assets.
Assets consisting solely of cash and cash equivalents.
Assets consisting of any amount of cash and cash equivalents and nominal other assets.
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