re. SEC-ordered trading halts, DCTC was halted May 3 and still hasn't resumed trading. The halt of DCTC was also 'temporary', and would resume May 14 according to the SEC.
Well, it still isn't trading.
They are still waiting due to 15c-211 to resume trading.
Here's how I came across DCTC:
There's another really lousy BB stock, NUKE, that I'm following. It is being promoted by an email newsletter tout, so I got a free subscription to read just what sort of rubbish is being passed on by the touts. Today the newsletter just came out with a message with an update on DCTC's miseries with getting trading going again.
Firstly, here's the SEC announcement of the trading halt:
sec.gov
Compare that to the one that announced the halt of Net Command Tech (they are very similar):
sec.gov
Now here's the DCTC tout's update, copied from the newsletter:
Dear Investor to Investor readers:
DCI Telecommunications has updated their FAQ:
Frequently Asked Investor Questions
Last update: June 21, 1999
How does DCI resume trading?
DCI resumed trading on May 17, 1999. DCI has restated its last three quarterly statements to reflect the Edge acquisition under the purchase method of accounting. Those filings are available via the Edgar system. In order for a Market Maker to resume publishing quotes of our common stock, it must file a Form 15c2-11. Upon receipt of this Form, the NASD reviews and must approve it before the Market Maker can resume publishing quotations. It is our understanding that the NASD is in the review process of some Forms and has asked for additional information. Currently, we are still waiting to hear the results of the latest submissions from the Market Makers. DCI has done, and will continue to do, everything in its power to move this process forward as quickly as possible. DCI will inform its shareholders as soon as we receive an update.
Why has DCI not supplied more information regarding the lack of available quotations?
When our situation has changed, we have notified our shareholders. We will continue to provide timely updates of our status.
Why isn't a Bid/Ask quote published?
Before a Bid/Ask quote can be published, a Market Maker must submit a Form 15c2-11, and have it approved by the NASD. They originally had three days to respond to the Market Makers with comments. On Tuesday May 19th the NASD submitted questions to the Market Makers to answer. It is our belief that the NASD has received the supplemental information it requested. The NASD will review the responses and will reply directly to the Market Makers.
Does DCI have an estimated time on when quotations will be available?
No.
What is Rule 15c2-11?
For information on Rule 15c2-11, please visit the OTCBB web page.
When will Form 10K be available?
The Form 10K will be filed on or before June 30, 1999.
<snip>
I have spoken to various parties and have heard (although I have not been able to verify it with the NASD, Ken Worm isn't talking again) that there are currently two market makers trying to qualify for trading DCTC stock. It looks like the NASD is making them perform extreme due diligence in light of the recent crackdowns on the OTC bulletin board stocks.
Kathy Knight-McConnell
Investor to Investor
investortoinvestor.com |
