Post by
hintonkid on Sep 27, 2021 4:34pm
The SEC will be making regulatory changes to OTC listed.....
RBC Direct Investing has posted a notice in regard to SEC regulatory and listing requirements for penny stocks listed on the PInk Sheets of the OTC Exchange. It looks like they are going to be cracking down on companies that have not filed consistance financials and followed other requirements that companies listed on other US Exchanges are subject to. As Canadian holders of LTTGF know all too well, the Canadian Securities Administrator declared a Cease Trade Order against Lottogopher Holdings after it failed to meet deadlines for filing it's financials and the Canadian shareholders of the company were dealt another blow when the company was delisted from Canadian exchanges. The Cease Trade Order only applies to Canadian jurisdictions but, even though, at least in the case of RBC, the LOTO trading symbol was changed out for the LTTGF listing but Canadians still can not trade under the LTTGF trading symbol but Americans and Canadians with a US broker account can continue to trade under the OTC symbol. The hands of Canadian investors remain tied. After going on 3 years, the SEC has taken another look at peeny stocks being traded on the OTC, the PINK SHEETS and, is in the process of updating, or has updated their regulations in regard to delinquent companies that have failed to file financials consistently and have not followed their other reporting requirements. These deadwood companies could face delisting and their boards could face prosecution for not meeting the minimum standards as security entities. As a long time investor in Lotogopher that has gotten stuck on the wrong side of the trade and was unable to divest my holding due to the Cease Trade Order and delisting from the Canadian exchanges I am hoping that after all this time the SEC will hold the feet of the Lottogopher to the fire and force them to come clean on what is happening with this company. I wrote the value of my holdings off after the delisting and just want the SEC to order the company delisted across all jurisdictions and declared an untradable security so that I can have it removed from my account by RBC. It's about time the SEC stepped in. I am hopeful that we will finally see results.