SCRC Shareholders : I just received this reply bac
Post# of 7769
Posted On: 04/23/2015 9:43:22 AM
SCRC Shareholders : I just received this reply back from ScripsAmerica Inc.as an answer to a question i submitted in quieting the bashers and critics to late 10 K filing that is being worked on and hammered out by there legal and auditing representation as we move forward > .........From our SEC Attorney:
First, the Notice under Rule 12b-25 was filed, as required, when the report was due, As a matter of fact, we have always filed the Notice when we were not going to file by the original due date.
Second, the stated consequences are, in my opinion, overblown so far as Scrips is concerned. Scrips is not listed on an exchange from which it can be delisted. Although the SEC has delisting authority, so far as I am aware the only instances in which they are currently using that authority is where the Company has gone out of business, its charter has been cancelled by the state of incorporation due to the failure to make annual filings AND the Company is 2 years or more delinquent in its SEC filings. Such shell companies are potentially revivable by "pump and dumpers", so the SEC is systematically revoking the registrations. The only real bite which this delay has is with respect to legend removals under the 6 months rule..
First, the Notice under Rule 12b-25 was filed, as required, when the report was due, As a matter of fact, we have always filed the Notice when we were not going to file by the original due date.
Second, the stated consequences are, in my opinion, overblown so far as Scrips is concerned. Scrips is not listed on an exchange from which it can be delisted. Although the SEC has delisting authority, so far as I am aware the only instances in which they are currently using that authority is where the Company has gone out of business, its charter has been cancelled by the state of incorporation due to the failure to make annual filings AND the Company is 2 years or more delinquent in its SEC filings. Such shell companies are potentially revivable by "pump and dumpers", so the SEC is systematically revoking the registrations. The only real bite which this delay has is with respect to legend removals under the 6 months rule..
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