Jul. 28 at 5:56 PM
@Fufat Your broker must have misinterpreted the situation.
$VAYK has not filed Form 2-11 ( to sastify SEC Rule 15c2-11) for many years, as it is not required for OTC companies. Absence of Form 211 will only stop broker-dealers to publish unsolicited quotes, i.e., market-making with no real orders from retail investors. It doesn't prevent retail shareholders from putting up "limited orders", i.e., purchase orders at a specific price. In the case of small penny stocks like
$VAYK, satisfying SEC Rule 152-11, despite the benefit of enabling market-making (i.e., increase the trade volume), it may also empower market manipulators. We opt to not file Form 2-11 at this moment.