Re the update on the reporting requirements- i found the word 'voluntary' in the context of our discussion to be confusing -
the new rule is forcing co's to upgrade to to pink current to be tradeable - there is nothing voluntary about it-
also the updates use of 'uplisting' is confusing and so is remaining a 'pinksheet' company
such meant to me in context of our discussion that they intended to stay as a no info company and either
1) they dont understand the consequences -
no info and limited info companies wont have quotes -like grey companies- but also -as otc explained as and i commented on before no info and limited info co's after sept 26 will not be tradeable- we've seen etrades notice that etrade wont allow trading of such and i expect other brokers to follow-
otc said a couple updates ago otc would apply to the sec to allow accredited investors to trade no info and limited info stocks - or at least limited info stocks - but nothing was said about that in the last sec update - and most penny stock traders are not accredited investors so even if such loophole was accepted by the sec that wouldnt help most here
upgrade would be to move from no info to current pinksheets -which is the class the forces that be are trying to force on no info co's -there is no need to uplist -many current pink co's are now sec reporting as i've explained many times - but thats because they dropped down -downlisted from otcqb- to current pink when otc required a new 10k surcharge for the otc 'news and disclosure service' for otcqb co's and als0 required a min bid price of 1c
The SEC is a prosecutor-prosecutors tend to think everybody is guilty- due to whistle blower complaint SEC is investigating NNLX-such investigations usually last 2 or more years -as the most publicly known shorting cartel bemoans
nothing about NNLX will be hidden from the SEC- in another company afterwards the Exec told me they went thru the wastebaskets -everything - so there is nothing to be hidden from the SEC- and upgrading to current pink would be a good thing in the eyes of the SEC
or
2) they dont have the money to upgrade to pink current- if they are going to solve this problem the obvious thing to say is we are going to upgrade to pink current to satisfy the new rule- theres nothing voluntary about the new rule- the new rule is essentially either put up or shut up -and warning re such has been given for at least several years
about money -another co I'm in is subject to a whistleblower complaint and thus sec investigation and set aside 500k for the legal defense- the sec investigation was followed by shareholder lawsuits -including derivative suits- all of which have been dismissed for some time in multiple states by judges as having no basis -essentially summary judgment against those who brought the suits against the company -
yet three years after the SEC notice of investigation not one word has been heard from the sec- no dismissal of the SEC investigation - in my experience this is typical-
the best way for NNLX to clear its name and any suspician is to upgrade to pink current-under the current circumstances the only reason not to do so is the 5-7 k/yr to do so -which is a paltry sum compared to the hundreds of thousands for legal defense- which is why CEO Brets superlawyer brother was brought on board with a fancy official title- to work possibly for stock options like the Faros
Whoever wrote the first paragraph of the update either doesnt know the proper language or......
wouldnt Brets superlawyer brother have approval over any update affecting NNLX's classification-which classification is pertinent on so many levels
the problem is NOT remaining a 'pinksheet company'- the problem is remaining a 'no info' otc class company
to remain tradeable NNLX needs to upgrade [no need to obfuscate by using the word uplist because the SEC rule does not require uplisting to otcqb etc-only 'upgrading' to 'pink current'
'voluntary' is confusing -there is no need for pink current co's to be SEC reporting-but those who are are required to file regular SEC reports - nothing voluntary about it
again the problem is being a 'no info' otc classification - not remaining a pinksheet company
so i find the update re 'new sec reporting requirements' to be confusing- and in ignorance of the things I've written about in my posts at length to help NNLX avoid dire consequences
Update on new SEC reporting requirements
We are pleased to announce we will be filing regular reports with the SEC on a voluntary basis. This process does not mean Nanologix is uplisting to a different status, the Company will remain a Pink Sheet company for the time being.
Research and Development on the Rapid Viral Assay (RVA) continues at a research university and additional information will be released this summer.
This press release or update contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of NanoLogix, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
the new rule is forcing co's to upgrade to to pink current to be tradeable - there is nothing voluntary about it-
also the updates use of 'uplisting' is confusing and so is remaining a 'pinksheet' company
such meant to me in context of our discussion that they intended to stay as a no info company and either
1) they dont understand the consequences -
no info and limited info companies wont have quotes -like grey companies- but also -as otc explained as and i commented on before no info and limited info co's after sept 26 will not be tradeable- we've seen etrades notice that etrade wont allow trading of such and i expect other brokers to follow-
otc said a couple updates ago otc would apply to the sec to allow accredited investors to trade no info and limited info stocks - or at least limited info stocks - but nothing was said about that in the last sec update - and most penny stock traders are not accredited investors so even if such loophole was accepted by the sec that wouldnt help most here
upgrade would be to move from no info to current pinksheets -which is the class the forces that be are trying to force on no info co's -there is no need to uplist -many current pink co's are now sec reporting as i've explained many times - but thats because they dropped down -downlisted from otcqb- to current pink when otc required a new 10k surcharge for the otc 'news and disclosure service' for otcqb co's and als0 required a min bid price of 1c
The SEC is a prosecutor-prosecutors tend to think everybody is guilty- due to whistle blower complaint SEC is investigating NNLX-such investigations usually last 2 or more years -as the most publicly known shorting cartel bemoans
nothing about NNLX will be hidden from the SEC- in another company afterwards the Exec told me they went thru the wastebaskets -everything - so there is nothing to be hidden from the SEC- and upgrading to current pink would be a good thing in the eyes of the SEC
or
2) they dont have the money to upgrade to pink current- if they are going to solve this problem the obvious thing to say is we are going to upgrade to pink current to satisfy the new rule- theres nothing voluntary about the new rule- the new rule is essentially either put up or shut up -and warning re such has been given for at least several years
about money -another co I'm in is subject to a whistleblower complaint and thus sec investigation and set aside 500k for the legal defense- the sec investigation was followed by shareholder lawsuits -including derivative suits- all of which have been dismissed for some time in multiple states by judges as having no basis -essentially summary judgment against those who brought the suits against the company -
yet three years after the SEC notice of investigation not one word has been heard from the sec- no dismissal of the SEC investigation - in my experience this is typical-
the best way for NNLX to clear its name and any suspician is to upgrade to pink current-under the current circumstances the only reason not to do so is the 5-7 k/yr to do so -which is a paltry sum compared to the hundreds of thousands for legal defense- which is why CEO Brets superlawyer brother was brought on board with a fancy official title- to work possibly for stock options like the Faros
Whoever wrote the first paragraph of the update either doesnt know the proper language or......
wouldnt Brets superlawyer brother have approval over any update affecting NNLX's classification-which classification is pertinent on so many levels
the problem is NOT remaining a 'pinksheet company'- the problem is remaining a 'no info' otc class company
to remain tradeable NNLX needs to upgrade [no need to obfuscate by using the word uplist because the SEC rule does not require uplisting to otcqb etc-only 'upgrading' to 'pink current'
'voluntary' is confusing -there is no need for pink current co's to be SEC reporting-but those who are are required to file regular SEC reports - nothing voluntary about it
again the problem is being a 'no info' otc classification - not remaining a pinksheet company
so i find the update re 'new sec reporting requirements' to be confusing- and in ignorance of the things I've written about in my posts at length to help NNLX avoid dire consequences
Update on new SEC reporting requirements
We are pleased to announce we will be filing regular reports with the SEC on a voluntary basis. This process does not mean Nanologix is uplisting to a different status, the Company will remain a Pink Sheet company for the time being.
Research and Development on the Rapid Viral Assay (RVA) continues at a research university and additional information will be released this summer.
This press release or update contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of NanoLogix, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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