Hey Sack;
As far as I can surmise, unless Medinah becomes up to date with their reporting (Financials, Company Info, etc.) You will not be able to buy the shares, only sell starting mid Aug. 2021. (with TDAmeritrade anyways, but I suspect most brokers will follow this.)
CHEERS,
ROD
From TDAmeritrade :
SEC Rule 15c2-11Restricted Securities
On September 28, 2021, new amendments to Rule 15c-211 under the Securities Exchange Act of 1934
go into effect to enhance investor protection and improve issuer transparency. These amendments restrict the ability of market makers to publish quotations for those companies that have not made required current financial and company information available to regulators and investors.
Ahead of the regulatory enforcement date, TD Ameritrade will only accept orders to liquidate positions -
(i.e. no new buy orders) starting in mid-August 2021.
Please note: After the amendment officially goes
into effect on September 28, 2021, it may be more difficult to liquidate these securities. Quoting and market liquidity may also be very limited.
The list is below as of June 30, 2021 and is subject to change at any time.
Symbol CUSIP Company Name
MDMN 58489M109 Medinah Minerals, Inc.
From : SEC Amends Rule 15c2-11, Form 211 Amendments
" On September 16, 2020, the Securities and Exchange Commission (the “SEC”) adopted amendments to Securities Exchange Act Rule 15c2-11… The object of the proposed changes was, according to the regulator, to ensure that over-the-counter issuers—better known as penny stocks—would make “current information” available to prospective investors."
In the end, non-registrants will have to make limited disclosure, which is a welcome change. If they fail to meet the requirement, they’ll be delisted to the Grey Market or (see below) the “Expert Market.” If a qualified IDQS determines that an issuer’s current information is no longer current, broker-dealers will have a grace period of 15 calendar days in which they may continue to quote the stock. This will give investors an opportunity to exit their positions, should they wish to take it.