I called my broker and what they are saying is that the DTC suspended services on SFIO because they have gone some time without a transfer agent. He said that until SFIO gets a transfer agent, no services will be offered on the ticker and therefor it won't trade.
In short, he is making it sound like this is on the company.
Is this what anyone else has gotten, because it seems like others have gotten conflicting reports from their brokers.
Its all pretty straight forward. Remember that the role of FINRA and the SEC is to protect and uphold a fair and reasonable marketplace. The purpose of the trading halt is to protect shareholders from the negative effects of an unfair and unreasonable marketplace, not to hurt investors. This is a good demonstration that even OTC stocks are not given a hall pass to fraud just because they dont need to report to a national exchange. No doubt other OTC trading companies are giving heed in order to prevent against just such shenanigans. SFIO still has a product, there has been no evidence in defense of its CEO, and the next day the CEO was fired. This says to me that there is some evidence that the company is re-arranging the deck chairs in order to move forward. Im long the shares, so im offering a biased opinion.
That seriously is what they told me, I called back later and the next guy told me while that doesn't help them, that isn't why it is not trading.
He said that there was a complaint against them to the SEC and until that is resolved, the DTC will not continue services on them.
Getting a different answer an hour later doesn't give me a warm and fuzzy feeling about my broker. I have seen so many different reasons put forward by people that it makes me wonder if anyone really knows the reason for this and when it can continue trading again. Pretty frustrating if you ask me.
Also, Etrade told me I could transfer the shares to another broker (I heard others say they couldnt from Etrade), but then again, this broker may have been wrong.
I know you don't want.to hear it but this is spngq.pk all over. You will ride this to .0001 then chapter 11 then convert to ch 7 ....the company's that have survived with these problems can be counted on one hand.
Stucks will reassure newbies tring.to dump with no luck because it cannot transfer.