The only thing we know about NNLX's response to the new SEC rule is the 2 sentences in the june 10 update below
companies were told to provide their info by June 30 so it could be vetted -with the agencies asking for further info if they deemed the supplied info to be insufficient -so the whole process could be completed by Sept 28 -the activation date of the new rule
etrade and tdamerica and perhaps others(do we know who else?) are jumping the gun on the sept 28 activation of the new rule date-not really surprising
btw the otcmarkets.com monthly update said the SEC had rejected the otcmarkets.com suggestion to allow accredited investors to receive quotes and thus continue to trade 'no info' and 'limited info' companies
so updating to current info is the only game in town
I've been frustrated with NNLX bc I've been warning about the dangers of being 'no info' for 5 years or more and have been pointing out the benefits of upgrading to pink current while in the past defending NNLX bc of their then financial necessity of their position-e.g., to avoid the usual death knell of toxic financing
the new sec rule drastically changes that equation-leaving no option but to upgrade to pink current
also -the limited info and somewhat strange wording of the june 10 update left unanswered questions- and eventually raised a question I've never encountered before
Hopefully NNLX will update us on this situation
Many companies like NNLX eventually transition into a situation where the primary benefit of being public - to raise money via share issuance or to borrow money based on the ability to issue shares-is of little or no utility except to pay wages in shares instead of cash.
So they tend to ignore shareholder issues/concerns-which to their sometimes ignorance becomes a death spiral similar to toxic financing.
So NNLX needs to remember that and communicate with its base/shareholders to let us know what their progress in satisfying the SEC rule is.
June 10,2021
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.
companies were told to provide their info by June 30 so it could be vetted -with the agencies asking for further info if they deemed the supplied info to be insufficient -so the whole process could be completed by Sept 28 -the activation date of the new rule
etrade and tdamerica and perhaps others(do we know who else?) are jumping the gun on the sept 28 activation of the new rule date-not really surprising
btw the otcmarkets.com monthly update said the SEC had rejected the otcmarkets.com suggestion to allow accredited investors to receive quotes and thus continue to trade 'no info' and 'limited info' companies
so updating to current info is the only game in town
I've been frustrated with NNLX bc I've been warning about the dangers of being 'no info' for 5 years or more and have been pointing out the benefits of upgrading to pink current while in the past defending NNLX bc of their then financial necessity of their position-e.g., to avoid the usual death knell of toxic financing
the new sec rule drastically changes that equation-leaving no option but to upgrade to pink current
also -the limited info and somewhat strange wording of the june 10 update left unanswered questions- and eventually raised a question I've never encountered before
Hopefully NNLX will update us on this situation
Many companies like NNLX eventually transition into a situation where the primary benefit of being public - to raise money via share issuance or to borrow money based on the ability to issue shares-is of little or no utility except to pay wages in shares instead of cash.
So they tend to ignore shareholder issues/concerns-which to their sometimes ignorance becomes a death spiral similar to toxic financing.
So NNLX needs to remember that and communicate with its base/shareholders to let us know what their progress in satisfying the SEC rule is.
June 10,2021
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.
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