Just fine thanks they are leather, I sued to play rugby: "C3D Faces Removal From OTC Bulletin Board Because of SEC Delay
New York, Dec. 21 (Bloomberg) -- C3D Inc. shares are set to
be removed from the OTC Bulletin Board next month because the
Securities and Exchange Commission hasn't accepted stock-
registration documents from the data-memory developer.
The Bulletin Board, a quotation system for unlisted
securities, included C3D yesterday in a list of stocks set for
removal next month for not being current in their SEC filings.
Market-makers are unable to display real-time quotes of stocks
removed from the Bulletin Board, making them harder to trade.
C3D, with a market value of more than $970 million, stands
out from other companies on the list, many of which are no longer
quoted or are worth less than $1 million. C3D stock has soared 40-
fold from a 52-week low in April. It rose 3 5/8 to 70 7/8 in
afternoon today as 50,600 shares traded. C3D has 13.7 million
shares outstanding.
The New York-based company's outside auditor, BDO Seidman
LLP, warned on Oct. 22 of ``substantial doubt about the company's
ability to continue as a going concern.'
In its first-ever filing with the SEC on Nov. 12, C3D said
its cash would run out by the end of that month and that it was
seeking to raise $20 million to fund its operations over the next
12 months.
The SEC hasn't accepted the registration filing for
undisclosed reasons. The OTC Bulletin Board said C3D's stock
ticker will change from CDDD to CDDDE on Thursday to warn
investors that the company will be ineligible for the Bulletin
Board on Jan. 22 unless the SEC approves an amended registration.
Amended Form
Michael Goldberg, a Florida attorney who became C3D's
director of legal affairs on March 8, said he expects the SEC to
accept the registration after it's amended and resubmitted.
``We have a comment letter and we're about to respond to
it,' said Goldberg.
Goldberg said the company was able to stay in business since
the filing by raising $1.66 million selling stock at a 20 percent
discount to its market value.
C3D's registration says it has received three U.S. patents.
The company says it's developed a way to store 20 hours of high-
definition television programming on a disk or data card, many
times more than current storage technologies such as DVD.
The company has ``more than 40 patents, patent applications
and patents pending,' said Goldberg. ``We are this little
company that has this incredible technology.'
The company has offices in Mountain View, California;
Moscow; Israel; Fort Lauderdale, Florida, and New York.
Goldberg and Itzhak Yaakov, chairman of the board, each
received 50,000 shares valued at $4 a share on March 8, the day
they became directors.
Two weeks later, on March 24, the company sold 3.125 million
shares -- now worth more than $200 million -- for $250,000, or 8
cents each. The buyers, who so far have more than an 800-fold
return on their investment in nine months, are 16 individuals,
according to the SEC registration.
``Without that money, we were dead,' said Goldberg.
He said he doesn't know the identity of the buyers.
``We only care that the money was lawfully raised,' he
said. ``We don't care who those shareholders were.' |
