when NCDR is moved to the pink sheets
My understanding of the above paragraph is that market makers can't make a market for the stock unless they have reasonable assurance that the company's financials reflect the current situation concerning the stock in question. Accordingly there has to be a new filing. If one market maker files under 15c2-11 and their application is accepted by NASD then others can currently piggy-back on their application a month later. However, this often a tough hurdle for a halted company to achieve.
However, recently, a number of stocks (for example IBUY ) appear to have traded post-halt without the benefit of market makers. I believe they are trading through Instinet, ECNs and/or internal brokerage matching of retail customer buy and sell orders without benefit of market makers. Unfortunately this often leads to a very volatile market due to the often large 'spreads' between customers' bid and ask prices. For example the price range of IBUY the first day was $7.00 to $25.00 on only 49.000 shares traded. Further details on IBUY trading soon after the end of the trading suspension can be found in:
SHOPPING.COM SHS CASH SETTLEMENT AT
Prices Available: 11/25/97 through 04/23/99
Ticker: IBUY
Date __ Volume High/Ask Low/Bid Close
-------- ---------- ---------- ---------- ----------
03/23/98 - 300,600 - 28 1/2 - 22 -22 1/4
temporary suspension
Date- - Volume - High - Low- Close
04/07/98 - 49,100 - 25 - 7 - 18
04/08/98 - 37,300 - 22 - 18 - 21
04/09/98 - 14,200 - 22 - 18 - 19 3/4
04/13/98 - 15,500 - 21 - 17 - 21
04/14/98 - 43,200 - 22 1/2 - 18 - 21 5/8
04/15/98 - 19,600 - 23 - 20 - 22 1/2
04/16/98 - 45,300 - 26 - 19 - 21 3/4
04/17/98 - 46,000 - 25 - 21 - 21
04/20/98 - 30,000 - 24 - 21 - 22 1/2
04/21/98 - 15,900 - 24 - 21 - 21 1/2
04/22/98 - 8,200 - 24 - 20 - 22 7/8
04/23/98 - 8,100 - 25 - 17 - 22
|
