Nothing new but thought if share maybe there is so
Post# of 1149
Posted On: 04/30/2014 7:09:39 PM
Nothing new but thought if share maybe there is something to gleen. Investor relations sent me this:
Good Afternoon,
Thank you for your question and we understand your concerns. I have included the link to the press release from GrowLife's CEO Sterling Scott http://finance.yahoo.com/news/growlifes-ceo-r...00498.html that addresses the SEC halt.
We understand that the share price has gone down considerably in the last few days.While no one can predict trading at any given day. History indicated that a negative impact in the share price was to be expected. The Company intends to do all that it can to restore confidence in the market.
As you may know, GrowLife is currently trading on what is called the Grey Market. When a company has no market maker for four or more days, as is the case with a 10 day trading suspension, then the company is required by OTC Markets, the governing body of the all stocks that are not traded on a major exchange such as NASDAQ to be placed in the “grey markets” In order to relist back on to the OTCQX, OTCQB or the Pinks, the company must reapply to FINRA through the filing of a form 15c2-11. This form is sponsored by a market maker on behalf of the company.
This is the process by which a company such as GrowLife can return to active trading on an exchange such as where we were trading prior to the suspension. The Company is spending considerable effort to quickly vet this process and will update the public when we know more. It is absolutely a priority but I do not currently have a timeline or expectation.
During the suspension, all seven of our retail stores and our website continued uninterrupted, business as usual.
As difficult at the SEC’s action was for GrowLife and our shareholders, this process has made us stronger and smarter. We’ve spent the past week conducting our own internal review, and have developed new policies and procedures to increase transparency, improve internal controls, and build-out our go-forward plans.
The first part of GrowLife’s go-forward strategy was released today https://ca.finance.yahoo.com/news/growlife-es...00628.html, there is more forthcoming, it will outline steps to propel the company and the industry forward. I would urge you to continue to check in on GrowLife's official company website www.growlifeinc.com for more information.
Best Regards,
Shareholder Support
Good Afternoon,
Thank you for your question and we understand your concerns. I have included the link to the press release from GrowLife's CEO Sterling Scott http://finance.yahoo.com/news/growlifes-ceo-r...00498.html that addresses the SEC halt.
We understand that the share price has gone down considerably in the last few days.While no one can predict trading at any given day. History indicated that a negative impact in the share price was to be expected. The Company intends to do all that it can to restore confidence in the market.
As you may know, GrowLife is currently trading on what is called the Grey Market. When a company has no market maker for four or more days, as is the case with a 10 day trading suspension, then the company is required by OTC Markets, the governing body of the all stocks that are not traded on a major exchange such as NASDAQ to be placed in the “grey markets” In order to relist back on to the OTCQX, OTCQB or the Pinks, the company must reapply to FINRA through the filing of a form 15c2-11. This form is sponsored by a market maker on behalf of the company.
This is the process by which a company such as GrowLife can return to active trading on an exchange such as where we were trading prior to the suspension. The Company is spending considerable effort to quickly vet this process and will update the public when we know more. It is absolutely a priority but I do not currently have a timeline or expectation.
During the suspension, all seven of our retail stores and our website continued uninterrupted, business as usual.
As difficult at the SEC’s action was for GrowLife and our shareholders, this process has made us stronger and smarter. We’ve spent the past week conducting our own internal review, and have developed new policies and procedures to increase transparency, improve internal controls, and build-out our go-forward plans.
The first part of GrowLife’s go-forward strategy was released today https://ca.finance.yahoo.com/news/growlife-es...00628.html, there is more forthcoming, it will outline steps to propel the company and the industry forward. I would urge you to continue to check in on GrowLife's official company website www.growlifeinc.com for more information.
Best Regards,
Shareholder Support
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