Securities Law, NYSE, NASDAQ & OTC Markets Listings & Compliance
SEC moves to revoke dozens of inactive issuers
Over the past week, the Securities and Exchange Commission (the “SEC”) has initiated 26 new administrative proceedings against inactive SEC issuers, moving towards revoking the issuers’ securities registered pursuant to Section 12 of the Exchange Act.
The 26 administrative proceedings against delinquent SEC filers filed by the SEC between August 17 and August 22 is more than the rest of 2022 combined.
The list, found below, contains a mix of delinquent issuers, including:
- many that are currently publicly traded on the Expert Market, after failing to comply with Amended Rule 15c-211 in September 2021,
- several that were previously revoked then filed a new Form 10 to re-register their securities, but never received a new trading symbol and have since become delinquent with their periodic filings, and
- some that voluntarily dissolved and liquidated their assets.
For the issuers that are still publicly traded, they will have 10 days to respond to the Order, and if no response is received, the SEC will move forward with revoking the securities of the issuer and the issuer’s stock symbol will be deleted.
One issuer, KinerjaPay Corp (formerly KPAY), already responded to the Administrative Order it received, and consented to have its securities revoked. The stock symbol KPAY was deleted on August 18, 2022.
Issuers that have their securities revoked could theoretically re-register their securities with the SEC through a Form 10, however, revoked issuers very seldom ever do, and the ones that attempt to re-register, are often unsuccessful with clearing the Form 10.
| Issuer | Ticker | Date of Action | Notes |
| Champion Pain Care Corp. | CPAI | Aug. 17, 2022 | Move to revoke the issuer |
| DCA Asset Management, Inc | Aug. 17, 2022 | Revoked in 2017 attempted a new Form 10 in 2019, which it abandoned | |
| Destination Maternity Corporation | DESTQ | Aug. 17, 2022 | Move to revoke the issuer |
| Dominion Minerals Corp | Aug. 17, 2022 | Revoked in 2016 then did a new Form 10 but never got a ticker symbol | |
| Eco Science Solutions, Inc | ESSI | Aug. 17, 2022 | Move to revoke the issuer |
| Findex.Com, Inc | FIND | Aug. 17, 2022 | Move to revoke the issuer |
| IEH Corporation | IEH | Aug. 17, 2022 | Move to revoke the issuer |
| Halo Companiesm Inc. | HALN | Aug. 17, 2022 | Move to revoke the issuer |
| Alanco Technologies, Inc. | ALAN | Aug. 17, 2022 | Move to revoke the issuer |
| Andes 7, Inc | Aug. 17, 2022 | Filed to go public in 2015 but never got a trading symbol | |
| KinerjaPay Corp. | Aug. 17, 2022 | Issuer consented to revocation and the symbol was deleted on Aug. 18, 2022 | |
| Insulcrete, Inc. | Aug. 18, 2022 | Issuer never became publicly traded | |
| Lescarden Inc. | LCAR | Aug. 18, 2022 | Move to revoke the issuer |
| Metwood Inc | MTWD | Aug. 18, 2022 | Move to revoke the issuer |
| Newbridge Global Ventures Inc | NBVG | Aug. 18, 2022 | Move to revoke the issuer |
| Shearson American REIT, Inc | Aug. 18, 2022 | Issuer never became publicly traded | |
| Tara Gold Resources Corp | Aug. 18, 2022 | Revoked in 2011 then did a new form 10 in 2011, which it abandoned | |
| Novelion Therapeutics Inc. | Aug. 18, 2022 | Voluntarily dissolved in 2020 and was not publicly traded at the time of the order | |
| Plantation Corp | PTNL | Aug. 18, 2022 | Move to revoke the issuer |
| NMI Health, Inc. | Aug. 18, 2022 | Revoked in 2015 then did a new form 10 in 2016, which it abandoned | |
| Northern Power Systems Corp | NRTHF | Aug. 18, 2022 | Move to revoke the issuer |
| Qornerstone Inc | Aug. 22, 2022 | Revoked in 2013, attempted a new Form 10 in 2018, which it abandoned | |
| Santa Fe Financial Corp | Aug. 22, 2022 | Voluntarily dissolved in 2021 and was not publicly traded at the time of the order | |
| Union Bridge Limited | UGHL | Aug. 22, 2022 | Move to revoke the issuer |
| VeriTeQ Corporation | VTEQ | Aug. 22, 2022 | Move to revoke the issuer |
| Vu1 Corporation | VUOC | Aug. 22, 2022 | Move to revoke the issuer |
| WOD Retail Solutions, Inc. | WODI | Aug. 22, 2022 | Move to revoke the issuer |
| Tasa Products Limited | Aug. 22, 2022 | Not publicly traded at time of order | |
| The American Energy Group Ltd | AEGG | Aug. 22, 2022 | Move to revoke the issuer |
For further information about this article, please contact an SEC attorney at (561) 416-8956 or by email at [email protected]. This article is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal advice on any specific matter, nor does this message create an attorney-client relationship. For more information concerning the rules and regulations affecting SEC reporting requirements, SEC registration and OTC Markets and SEC disclosure requirements pursuant to amended Rule 15c-211, please contact Hamilton and Associates at (561) 416-8956 or by email at [email protected]. Please note that the prior results discussed herein do not guarantee similar outcomes.
