It is my personal opinion that if a company is not up to date in their filings, inactive, not trading, and has their State filings out of date for more than two years, the company should be struck from the OTC and by FINRA. A company is not a company if it can’t even file its state filings, let alone trade. In addition, a lack of trading in my opinion suggests that there is no real market, market makers, and or public interest. If a company goes over 6 months without trading a share and its priced under $5 or a penny stock, I again think its a dormant vehicle that should be struck from public filings. However, this should not take away their responsibility to report if they where in fact a reporting issuer.
Here is the info on the 51,000 delisted companies:
May 29, 2009, FINRA published a general notice addressing the deletion of approximately 51,000 inactive, suspended or expired OTC Equity securities from the OTC Reporting Facility (“ORF”). Based on member firm and industry feedback relating to the bulk deletion, FINRA is postponed the deletion effective date until Friday, July 31, 2009. On Friday July 31st, the companies where deleted and given a chance to appeal by way of court. This is a list of 51,000 securities that were “deleted” Friday July 31st 2009 – with no notice or procedure provided for a hearing. Several lawyers have had clients that were lightly traded, but were operating companies that were going to be deleted and had to submit a special petition to FINRA (with a demand for a hearing, as mandated by the US Supreme Court, in similar cases). FINRA granted the petition to some such companies, but there is not a lot of detail on how to petition if you are after the filing date, it is likely you would have to attempt to reregister. This list was published on July 31st to its most update form: http://wwwotcbb.com/news/2009/GeneralNews/073109.stm If you are interested in listing an OTC company, contact us at email@example.com and we can refer you to lawyers who have submitted petitions and filed registrations affordably. I wish you the best of luck with your endeavors. www.otclistings.com