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Posted On: 05/26/2023 12:03:39 PM
Post# of 36541
This may or may not be good news. Probably not.
"Section 12(j) Revocation
Revocation proceedings under Section 12(j) of the Securities Exchange Act of 1934 can be commenced when an SEC reporting company fails to comply with its reporting obligations or is delinquent in satisfying any of the SEC’s requirements. Unlike a Section 12(k) suspension which is temporary, a 12(j) revocation prohibits broker-dealers from effecting transactions with the issuer’s securities.
A Section 12(j) revocation is a death sentence for a reporting company and can end all public trading in its stock. Companies have few options available when facing a Section 12(j) proceeding. With the assistance of an experienced securities litigation attorney, they may be able to argue relevant exculpatory facts to the SEC or at an administrative proceeding and submit all missing Form 10-Ks and 10-Qs. A company may also be able to resume trading by preparing a Form 10 registration statement to re-register the stock. This option is time-consuming, costly, and uncertain; companies should ensure they remain current in their obligations to avoid suspension or revocation in the first place."
https://brinenlaw.com/securities/what-happens...ts%20stock.
NUGX is no longer listed on the OTC https://www.otcmarkets.com/stock/NUGX/quote
This is what Youfeng (new controlling owner) needs to do to get NuGenerex re-listed. https://burninghamlawgroup.com/another-way-to...istration/
If they don’t get/try to get NuGenerex on an exchange, OTC or Nasdaq, then we will simply own stock in a private company with no option to sell. We don’t even have paper certificates to show ownership. Basically we are at the mercy of a foreign ownership to do the right thing for its minority owners. Youfeng has everything it needs to make money off NuGenerex assets and as a private company they can go to other places to raise necessary capital other than selling company shares. No need to “share” profits with its minority shareholders in a form of a dividend. Got a coin to flip? Heads they win, tails we lose and if coin lands on its edge, maybe we have a very very slight chance.
"Section 12(j) Revocation
Revocation proceedings under Section 12(j) of the Securities Exchange Act of 1934 can be commenced when an SEC reporting company fails to comply with its reporting obligations or is delinquent in satisfying any of the SEC’s requirements. Unlike a Section 12(k) suspension which is temporary, a 12(j) revocation prohibits broker-dealers from effecting transactions with the issuer’s securities.
A Section 12(j) revocation is a death sentence for a reporting company and can end all public trading in its stock. Companies have few options available when facing a Section 12(j) proceeding. With the assistance of an experienced securities litigation attorney, they may be able to argue relevant exculpatory facts to the SEC or at an administrative proceeding and submit all missing Form 10-Ks and 10-Qs. A company may also be able to resume trading by preparing a Form 10 registration statement to re-register the stock. This option is time-consuming, costly, and uncertain; companies should ensure they remain current in their obligations to avoid suspension or revocation in the first place."
https://brinenlaw.com/securities/what-happens...ts%20stock.
NUGX is no longer listed on the OTC https://www.otcmarkets.com/stock/NUGX/quote
This is what Youfeng (new controlling owner) needs to do to get NuGenerex re-listed. https://burninghamlawgroup.com/another-way-to...istration/
If they don’t get/try to get NuGenerex on an exchange, OTC or Nasdaq, then we will simply own stock in a private company with no option to sell. We don’t even have paper certificates to show ownership. Basically we are at the mercy of a foreign ownership to do the right thing for its minority owners. Youfeng has everything it needs to make money off NuGenerex assets and as a private company they can go to other places to raise necessary capital other than selling company shares. No need to “share” profits with its minority shareholders in a form of a dividend. Got a coin to flip? Heads they win, tails we lose and if coin lands on its edge, maybe we have a very very slight chance.
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