They need to atleast give NASDAQ enough info so they don't go into months of stalling. I think this whole process was new for all of them to be honest. Too much at stake for a petty 19 million cap. Not to mention underwriters must have confirmed the past years (i.e. 2008-2009-2010) auditing. We saw revenue increase substantially from 2008 to 2010. I doubt they would risk their reputation at stake soley based on a Chinese accounting firm.
I don't think the company, its executives, the MBO or Sherb are a sham, in part or whole.
I still blame the inexperience of tbet management in dealing with NAS/SEC filing requirements. Yu is likely right to fire the Trilogy PR firm but he need to bring in a MBO consultant, not Sherb who is primarily an auditor firm.
Why file NT 10k if it is already halted and you have no interest in complying with NASDAQ anyways?
Doesn't make sense, I'm trying to figure out why Yu would do that if TBET is a fraud...I can't seem to answer that.
Nice site ... looks like NAS has been busy and watching closely as well, all on Apr 18, 2012:
Delinquent (12/31/2011 10K)
Failure to Provide Additional Info
Public Interest Concern
So, after the 4/3 halt and 4/6 delay filing the 10K, Nasdaq issued the 10K delinquent as the 15 days after the 3/31 deadline passed. Furthermore, NAS requested tbet to provide additional info PLUS issued "Public Interest Concern". Not sure what additional info meant but the "Public Interest Concern" might be influenced by shareholders' emails/phone-calls to NAS.
Most important, Stay safe in Afghanistan.
I gotcha on the 1$ min. I doubt any of this has to do soley with the $1 halt. Cant imagine Yu would go this far for 1 dollar minimum then not even submit 10k.
After looking at the three reasons I think we can agree that none of this has to do with allegation of fraud (atleast to the public).
The public interest concern seems to be inlight with "needs additiional info" or failure to submit 10k.
Let's hope that Yu will finish buyout or atleast get clarity.
This not knowing is killing me.
Also I know that TBET is required to post the info that NASDAQ sent them but they did not, regarding deliquency.
Anyone know if Sherb is required to tell SEC/NASDAQ if TBET fails to acknowledge that their auditors have resigned?
I can't imagine there auditors have resigned yet. You would think they would release a statement saying they don't know why TBET hasn't filed 8k disclosing their resignation. Unless of course this all has to do with buyout.
Silence is killing all of us. I just want to know what is happening. Is buyout still going on? Is there fraud?
No allegations, rumours, insitituions, sherb resignations, BOD resignations, etc.
I would hope that TBET releases a statement acknowledging what is going on. But who knows!
Uncle Fulbert is right, on the USD 1 min bid.
In addition, we have received three justifications for the halt. See TBET in below document.
Best wishes from Afghanstan
That's true, when all is said and done this will be a great learning lesson for me. Hopefully that will include $3.00 a share lol
Let's get some PR to shed light and stop this guessing.
Still finding it hard to believe TBET is a scam but I guess the best scam's do that.
Hong Yu will be known as a legend in China for not having any form of allegation on him or his company.
Let's get a PR!!!
You don't know if NAS & SEC are in the loop or not. The exchange assumes that shareholders have done their DD before buying tbet shares. Their objective forward is only to protect new shareholders to ensure tbet's prospectus and public information are up to date, which clearly is not without the 10K.
Do not agree with the way NASDAQ is handling the halt without clarification, especially after weeks without news release from TBET.
Hope to learn more from that Matson fellow ... he is as quiet as Fiona ... so don't just blame the Chinese nano-cap IR department for lousy treatment.
Are you saying they will get reinstated?
Those two companies are going through different things.
The company you mentioned was in trouble because share price was below $1.00.
TBET never had that problem