SEC Suspends trading in Profile Solutions Inc (PSIQ)

This morning prior to the market open the SEC announced the suspension of trading of Profile Solutions Inc (OTC: PSIQ). The stock will resume trading on the grey market (no market makers) at the open on July 2nd, 2019. The reason given for the suspension is the usual boilerplate of “because of questions that have been raised about the accuracy and adequacy of information in the marketplace relating to PSIQ common stock. In the order, the SEC more clearly specified reasons for the suspension:

It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Profile Solutions, Inc. (CIK No. 0001080637) because of questions that have arisen regarding the adequacy and accuracy of assertions by Profile Solutions, Inc., a Delaware corporation with its principal place of business in Sunrise, Florida, in its registration statement, as amended, filed on Form S-1 dated March 5, 2019 and in multiple press releases concerning, among other things, its revenues, agreements and distribution contracts, and the possible role of undisclosed control persons in the company.

SEC suspension order

SEC suspension release (pdf)
SEC suspension order (pdf)

PSIQ has not moved much as a result of those press releases. The stock has had light trading volume over the last six months, averaging maybe $20,000 of trading per day.

PSIQ daily chart over last 6 months (click to embiggen)

Disclaimer: No position in any company mentioned. 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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