SEC Suspends trading in marijuana stocks SK3 Group $SKTO and Alternative Energy Inc $AEGY

This morning prior to the market open the SEC suspended trading in SK3 Group (SKTO) and Alternative Energy Inc. (AEGY). I first wrote about SKTO fifteen months ago, saying I thought it was at risk for a trading suspension. I was premature to say the least. But when both companies became marijuana companies earlier this year the odds of them getting suspended increased greatly and finally the SEC obliged. These suspensions are the tenth and eleventh suspensions of marijuana-related stocks this year by the SEC (the prior suspension was yesterday’s suspension of WBXU). The two stocks will reopen for trading at the market open on June 20th. Here is a list of marijuana stocks that have been suspended by the SEC this year: SKTO, AEGY, WBXU, FRTDFSPMPHOT,  CDFTPTOGAVNE, CBGI, and CANN.

 

SEC suspension press release (PDF)
SEC suspension order (PDF)

 

From the SEC press release:

The Commission temporarily suspended trading in the securities of AEGY and SKTO because of
a lack of current and accurate information about the companies. There are questions regarding
the accuracy and adequacy of publicly available information about the business activities, the
control of the companies, and trading in the securities of both companies

 

skto aegy

 

Disclaimer: I have no position in any stock mentioned above. I have no relationship with any parties mentioned above. This blog has a terms of use that is incorporated by reference into this post; you can find all my disclaimers and disclosures there as well.

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