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Microcap & Penny Stocks : 1ST MIRACLE GROUP (MVEE), founders last co. went $0.20-$46
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To: Walter Morton who wrote (4640)10/4/1999 12:34:00 PM
From: jhild  Read Replies (1) of 5541
 
As I mentioned, Item 701 is the ringer here.

But interestingly I think they may not meet the eligibility requirements if they do not file the Form 10-SB. My understanding is there are two issues here. One is registration of securities which the SB-2 can address. But to continue listing on the OTCBB they may be required to file the Form 10-SB anyway.

Q9: Can an issuer get an extension or exception to the Eligibility Rule if it has filed a Form 10 or Form 10SB but the SEC has not yet come to a position of no further comment?
A9: No. There are no exceptions to this rule or the final eligibility determination date assigned to each issuer based on it's trading symbol as of January 4, 1999. In order to meet the Eligibility Rule requirements, the SEC must have declared the Form 10/Form 10SB (or other registration statement) effective, and the SEC staff must have reached a position of no further comment on the filing.
otcbb.com

I think the crucial issue is adequacy of public disclosure. If there are substantial 504 or 505 transactions, I think, or at least hope, that the SEC will require such disclosure in order to accept their filing as effective. It looks to be within their prerogative at any event, and an SB-2 Filing per se may not be sufficient.
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