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When a company files Form 15 or goes dark, it can suspend these reporting obligations as long as it does not have more than 300 shareholders of the deregistered class of securities on the first day of any fiscal year after it has filed Form 15.

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Special Considerations
Delisting alone does not relieve a company of its public reporting requirements; it must also deregister its shares as required by the Exchange Act. A non-listed company may have reporting obligations to the SEC. Often, a company may undergo a going private transaction, in which it cashes out most or all of its public shares in order to begin the process of going dark. Going private can occur via a merger, a reverse split of the company’s shares, or a tender offer.

A company that goes private does not need to cash out its shareholders, and indeed, many such companies do not have the liquid funds to do so. Nor does such a company need to first put the matter to a shareholder vote or provide for a fairness opinion.

Currently, 570 shareholders and only 300 allowed by January 1, 2025 in order to avoid any future filings.

As Karma has said on a few occasions, the 4000:1 R/S made it much easier to buyout shareholders, especially, knowing the stock would plummet (like it did) following the ridiculous brutal choice to approve and enact a 4000:1 Reverse split.

You can bet the VIP family and friends will be taken care of for the next private shell company promotion. Guess what company that will be?

in my opinion

cheers

in my opinion

cheers