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Microcap & Penny Stocks : A New Law for OTC BB Companies Must Read
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To: Old Stock Collector who wrote (1)1/26/1999 2:31:00 AM
From: Fred Seitel   of 13
 
OTC BB Eligibility Rule Phase-In Schedule (Specifics):

otcbb.com

The rule will be phased in from July 1999 through June 2000 based on the alphabetical order of the first letter of the security's trading symbol, not company name. See the above link for your favorite company.

I emailed the NASD inquiring about a grace period and received this response (I added bolding and italics):

Exchange Act filers are granted a grace period of 30 days after a filing delinquency before the security is removed from the OTCBB service. Securities of issuers who make periodic filings with other regulatory agencies such as banks, thrifts and insurance companies are permitted a 60 calendar day grace period. The difference in allowed grace periods is due to the lack of an automated method for obtaining the filing status of issuers who file with agencies other than the SEC.

So in case you don't get the drift, if that penny stock you own doesn't start reporting by its cutoff date, you no longer will be able to receive quotes on it over the internet. Neither will anyone to whom you would hope to sell it. I anticipate that the values of these stocks will plummet. If they can't be easily traded, no one will want to trade them. (This last paragraph expresses my opinions, not necessarily fact.)

- Fred
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