UPDATE: The company, as of July 12, 2021 has released a statement via their social media channels, their intent on going back to OTC pink current, with the impending filing of their June Statement.
Our monthly operating report for June 2021 has been filed and will be available on PACER tomorrow $DGTW
Within 2 months, the OTC will look quite a bit different, with a number of companies about to lose their listing status with OTC markets. The new rule requires that all companies quoted on OTC market must disclose current information on a continuous basis, effective September 28, 2021. Securities that do not meet the Rule’s disclosure standard will have their public quotes removed from Pink as of the September deadline. While a number of dormant companies will automatically lose their reporting and listing status, there are a few companies that are still in operation that are scrambling to meet the deadline.
Analysts as of late are keen on finding undervalued companies that have already communicated to shareholders that they are already working on this, and well within the allotted time frame to bring their status back to PINK CURRENT. Here, we focus on one company that has already made their intentions to return to OTC Pink Current status, and interestingly, around the same time they are expecting a announcement from a recent court case, that is expected (as per the company) to close in their favor.
DigitalTown, Inc. has come off a fresh corporate reorganization, allocating and consolidating their debt in order to achieve a long term business plan. In short, the company and its new directors have began the process of cleaning up the company, its balance sheet, its debt, and its long term prospects. This has been announced in previous filings and their most recent press release.
Now, the company has signaled that it is well within the OTC requirement to bring the company back to fully reporting (Pink Current). The following is directly from the company, via their social media release.
DGTW is working closely with OTCMarkets to ensure we meet or exceed SEC’s amended Rule 15c2-11 reporting requirements by September 28, 2021.
However, most interesting is the company release (via their social media outlets) regarding the court decision, and how it will be announced any day, following a week wait.
At today’s hearing, the Judge indicated that she will be dismissing Pomije’s non-dischargeability claims, and we anticipate that an order will be entered by the courts in the next week or so. Onward and upward! $DGTW
The aformentioned order should be released, first by the Judge/Courts, and then followed up by the company. This is a big win for the company, meaning they can push forward with their reorganization plans after the return to Pink Current status.