Yesterday just before the market open the SEC announced a trading suspension in the shares of Canal Capital (OTC: COWP and OTC: COWPP). Canal Capital had run up from under 1 cent to over $0.50 in under a month before falling in the days preceding the trading suspension.
SEC Trading suspension press release (pdf)
SEC Trading suspension order (pdf)
The reason for the trading suspension from the suspension press release:
concerns about the adequacy of information in the marketplace about the company’s operations and operating status, if any, and due to recent potentially manipulative trading in the company’s stock.
The suspension order gives more detail and relates this action to the SEC’s recent spate of suspensions of trading in companies that have been delinquent in reporting to the SEC:
Canal Capital was a Delaware corporation with its principal executive offices purportedly located in Port Jefferson Station, New York. Canal Capital’s last filing with the Commission was a Form 15 purporting to suspend its duty to file reports with the Commission on December 6, 2012. However, due to the number of shareholders of record indicated on the Form 15, Canal Capital was not eligible to suspend its duty to file reports with the Commission under Sections 13 and 15(d) of the Securities Exchange Act of 1934 (“Exchange Act”). Canal Capital filed for dissolution with the Delaware Secretary of State, effective September 26, 2013.
Disclaimer: No position in any company mentioned and no relationship with any person or entity mentioned. 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.