Tonto, DD and those inquiring on the trading status,
"Correction: I do not know for sure where the stock will trade. The market makers will determine that."
Months ago I queried the Quotation of OTC Securities section at the NASD that handles Rule 15c2-11 filings/requirements. Here is a synopsis of the information I gleaned.
After a 10-day administrative halt expires and providing no additional SEC action (court order, etc) is taken, TRADING (pink sheets) in a security can resume but marketmaker QUOTATIONS (OTCBB) cannot until a 15c2-11 is submitted and approved by the NASD.
If trades are executed via the pinks through a NASD member firm, they must be reported via normal NASDAQ channels. What you will see on quote services is a "frozen" quote (bid/ask) with volume and price reports if trades occur via the pinks.
Suggestion for anyone curious. Call a brokerage firm that subscribes to the pinks and see if RMIL is listed there. Or for the financially daring, submit an order for a very minimal number of shares and see what happens. Be aware that not all brokerage firms deal in the pinks and success or failure of a trade submission might be dependant on that fact. If an execution occurs (no pun intended), the trade will be reported. Pink sheet trading is a murky arena for trading so beware of illiquidity and the inherent inefficiencies (wide b/a spreads). In light of our litigious (sp?) society, the tone of this thread and although I am in no way a broker/dealer/yay/nay etc., the above was NOT a recommendation to buy/sell/pump/dump RMIL or any other security. Merely a suggestion for a means to confirm the trading status.
As far as the 15c2-11 process. The NASD indicated that as few as one MM could submit a 15c2-11 either before or after receiving updated information and if approved, any and all MMs could resume quoting after 30 days without filing. The problem is that the odds of NASD approval BEFORE a company update are zero and if the SEC investigation is ongoing the odds are nil. When the NASD receives a 15c2-11 filing, they contact the appropriate SEC office for an update on any ongoing investigations.
Suggestion. Someone call RMIL and query whether they have submitted the complete, accurate, and proper forms (based on the SEC's and NASD's opinion) to any or all marketmakers and whether they have "settled" with the SEC or whether the investigation is officially over, if RMIL has access to that information.
The short of it. The NASD is the approval authority since they regulate the market makers but SEC does indirectly control whether an OTCBB market is made in RMIL. Ultimately the COMPANY, by providing current, complete, and accurate information to satisfy the SEC's investigation, is in direct control of its future.
Just saw Riley's post (34819) concerning the 15c2-11. He may want to confirm whether the SEC investigation is ongoing and also call the appropriate NASD office to confirm my information as it apparently differs from his.
Mark |
