To: ztect who wrote (9481 ) 2/7/1999 11:58:00 PM From: CoffeePot Read Replies (6) | Respond to of 40688
Hi all,, just dropped by to see if any new developments have come PNLK's way...........havn't noticed anything ground breaking yet<gg>.......I have to admit I was sure surprised when PNLK broke $2 a few weeks back......those "strategic" agreements with your phone company can sure bring the buyers in..lol.......there might be hope yet....read on boys and girls January 7, 1999 SEC Clears Rule Affecting OTC Bulletin Board Stocks By AARON LUCCHETTI Staff Reporter of THE WALL STREET JOURNAL The Securities and Exchange Commission approved a rule proposal that may push thousands of stocks off the National Association of Securities Dealers' OTC Bulletin Board for thinly traded stocks in the next two years. The rule, announced Wednesday and proposed last year by the NASD, which runs Nasdaq, requires companies on the OTC Bulletin Board to file updated financial information with the SEC and other regulatory authorities. The proposal, which was expected to pass SEC review, will affect about half of the OTC Bulletin Board's 6,500 securities that don't currently report updated financial results. The OTC Bulletin Board brings a hodgepodge of smaller, less heavily traded stocks together through an electronic quotation service maintained by the NASD. The requirement takes "a major step toward improving the quality of the microcap market," said Frank G. Zarb, NASD chairman and chief executive. Some of the companies are expected to move from the Bulletin Board to the National Quotation Bureau's Pink Sheets, which don't require updated financial reporting. R. Cromwell Coulson, chairman of the National Quotation Bureau, a private quotation service, said he expects as many as 3,000 stocks to move to the Pink Sheets from the NASD's Bulletin Board. "This rule is good for us," he said. New companies that want their stock quoted on the Bulletin Board will be required to file financial information starting this week, a NASD spokesman said. Companies already on the Bulletin Board will be required to start filing financial statements by a date between July 1999 and June 2000. Companies will be phased into the rule structure in name alphabetical order as of this past Monday. The Pink Sheets have no electronic mechanism to provide real-time quote and trade-price information. This raises criticism among some traders, who say the new rule will lead to less price "transparency" -- or rapid updating of price information -- for stocks that move off the Bulletin Board. But the Pink Sheets plan to automate and add electronic quotations this April, which will give it more of the transparent qualities of the OTC Bulletin Board, Mr. Coulson said. Karin Can't wait until they shut it down........ever last one of 'em:)