In a recent email communication the Handeni Gold management was alerted to a small news announcement on the Bloomberg website stating that the company had been deleted from the OTCBB due to inactivity under SEC Rule 15c2-11.
On further investigation it transpired that Handeni Gold Inc has been automatically relocated to the OTCQB – the function of which is described below as an excerpt from http://gopublic101.blogspot.com/2010/06/otcbb-vs-otcqb-what-you-need-to-know.html
“This new OTCQB marketplace will ensure that investors know that Pink OTC has many Fully-Reporting Issuers approved for trading solely on the Pink OTC platform. In the future, as long as the issuer is listed with the Pink Sheets and is current in its reporting, it will be designated as an OTCQB security. If a company is late in its reporting requirements, it would be dropped to the designation of Pink Sheets. Once current again with the SEC, the Issuer will be moved immediately back to the OTCQB marketplace. “
Further explanation is to be found at http://www.reverse-merger.com/tag/going-public/ specifically with regards to the news quote on Bloomberg – the most pertinent section being
“The now privately owned and operated OTCBB quietly delisted approximately 1,000 fully reporting and current, public companies from its quotation medium, initially citing “failure to comply with Rule 15c2-11”. Subsequent delistments cited “Ineligible for quotation on OTCBB due to quoting inactivity under SEC Rule 15c2-11.”
Delistments Means Little to Nothing
Most, if not all, of these companies did not receive notice of their “delisting”. Moreover, most, if not all, of these companies still do not know that they are no longer OTCBB quoted companies. In fact, the change has had little if no impact on these companies and will likely not have future impact. Each of these companies continues to be quoted on the OTCQB on the website for OTC Markets.
Issuer Reporting Obligations
Issuers on the OTCQB must be fully reporting and current in their reporting obligations with the SEC. “
If you had picked up this titbit rest assured that in fact this merely means that Handeni Gold Inc, is completely up to date with all filings and thus now quoted on the OTCQB.
For our latest filings please visit http://secfilings.com/SearchResults.aspx?ticker=HNDI
Sincerely Handeni Gold IR.
For further details please contact