Hi_Lo
2 days ago
We haven't traded a single share in a few days. Really strange.
That's because people are starting to figure out that CNNA is a scam and won't be able to get SEC current with missing financials from 2016, 2017 and that it hasn't filed a financial statement since October 2022.
CNNA is a dark and defunct dead stock - not to mention the history of its management perpetrating penny stock scams in the past.
There's a reason this junk is in expert market.
CNNA must be SEC registered and current in order for the SEC/FINRA to process any corporate actions such as a name change or reverse merger.
This is what Google AI has to say about missing financials from eight years ago and trying to get SEC current:
https://tinyurl.com/5n8s2mpc
No, a company generally cannot become SEC registered if it is missing financial statements from eight years ago, as the SEC requires recent and complete financial information to be included in a registration statement, meaning significantly outdated financials would likely prevent a company from successfully registering with the agency.
Material omissions:
Missing financial data from a significant period, like eight years, would be considered a material omission and could lead to rejection of the registration statement.
https://www.hg.org/legal-articles/how-finra-rule-6490-lmpacts-reverse-mergers-30567
HOW FINRA RULE 6490 lMPACTS REVERSE MERGERS
FINRA Rule 6490, has evolved since it was enacted over two years ago. For some time, FINRA has required that issuers provide expansive disclosures and supporting documentation not only for the corporate change subject to the notice but for the company’s entire corporate history from inception.
These disclosures are required of both SEC reporting and non-reporting issuers if they undertake corporate actions including reverse mergers. Compliance with Rule 6490's requirements is a minor task for companies going public by filing a registration statement with the SEC. Companies filing registration statements rarely have difficulties obtaining DTC eligibility unlike reverse merger issuers.
The public filings of companies who register with the SEC contain most of the supporting documentation required by Rule 6490.
It is no surprise that compliance with the requirements of Rule 6490 is less burdensome for companies going public using a registration statement because these companies have fewer corporate changes in their company history than companies engaging in reverse mergers. This is especially true for reverse merger issuers who undergo multiple changes of control and periods of inactivity.
The Problem with Reverse Mergers & Disclosure under Rule 6490
For companies that engage in reverse mergers as part of their going public transaction, compliance with Rule 6490's requirements can be impossible particularly when custodianship or receivership actions have been used by shell brokers to create public shells after years of inactivity. These companies may have multiple corporate actions related to prior changes of control and often have sketchy corporate histories. Some have even been hijacked through custodianship or receivership actions. In these circumstances, documents may be unavailable or if provided to FINRA, it could potentially result in FINRA referring the matter to the SEC’s Division of Enforcement.
These companies are almost always plagued with incomplete or fraudulent corporate records which make it extremely difficult for the post-reverse merger company to comply with FINRA Rule 6490. As a result, these companies may never get FINRA approval of the contemplated corporate action.
Rule 6490 Disclosures
Issuers must provide a cover letter disclosing the full corporate history for the issuer itemizing all material facts including every corporate change that has occurred from inception to present day.
Triggers for Review under FINRA RULE 6490
A FINRA review will be triggered if any of the five factors set forth in Rule 6490 are thought to be present:
• FINRA believes the forms are incomplete, inaccurate or filed without the appropriate corporate authority;
• The issuer is not current in its reporting obligations with the Securities and Exchange Commission;
• Persons involved in or related to the corporate action are the subject of pending or settled regulatory action or are under investigation by a regulatory body or are the subject of a pending criminal action related to fraud or securities law violations;
• Persons related to the corporate action are likely involved in fraudulent activities involving securities or may pose a threat to investors;
• There is significant uncertainty in the settlement and clearance process for the issuer’s securities.
Any company contemplating going public using a reverse merger must consider the potential impact Rule 6490 could have on its future corporate actions. Rule 6490 provides one more compelling reason why private companies seeking to go public should do so using a registration statement instead of a reverse merger.
Hi_Lo
6 days ago
It takes two years up to date of audited FINs to EDGAR, or two years of unaudited FINs to OTCIQ to exit Expert Market.
Bullshit.
Post documentation proving that what you are saying is true. You can't.
CNNA is missing financials from 2016 and 2017 (not to mention missing financials since 2022).
Here is what Google AI has to say concerning missing financials to get SEC current and out of expert market (to have the SEC/FINRA approve the company's corporate actions):
https://tinyurl.com/p5xmsuhw
No, a company generally cannot become "SEC current" (meaning fully compliant with SEC filing requirements) if it is missing financial reports from 8 years prior; the SEC requires companies to file all necessary periodic reports, including financial statements, in a timely manner, and significant missing information from past years would prevent a company from being considered current, even if they are filing recent reports on time.
Key points to consider:
Timely Filing Requirement:
The SEC expects companies to file all required reports within specified deadlines, including historical financial statements, to maintain current status.
Potential Consequences:
If a company is missing significant financial reports from previous years, they could face penalties, delisting from exchanges, and legal issues for non-compliance.
So everything you have been saying concerning the matter is a lie.
This dumpster fire of a stock from known and documented scamming management is permanently stuck in expert market.
But we already know your difficulty with the truth:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174623127
drugmanrx
6 days ago
You are confused, I defend nobody.
I simply point out reality.
Jason Black is allowed by the SEC to be a CEO, and allowed by the SEC to be involved with CNNA is a simple fact.
Mark Miller was found guilty of a crime and Banned from being involved with any companies, that too is a simple fact.
SEC currently views Jason Black as innocent other wise they would have sanctioned him like they did Miller, no matter what false narratives you try to push, that is simply reality.
ROFLMAO!
"Kiss your investment bye-bye."
My investment is worth over 2X of what I purchased it for even more then that as I have taken some profit off the table.
That my friend is also reality