April 7, 2021 9:00pm
Biostage (BSTG) closed flat at $1.25 with 967 shares traded after Tuesday’s -$0.05 to $1.25 with 2008 shares traded, Monday’s -$0.04 to $1.30 with 2401 shares traded and last Thursday’s flat at 1.34 with 26 shares traded.
MINORITY PUBLIC shareholders are waiting, watching and weighing responses to MAINTAIN their RIGHTS.
Maintaining Sell …
Question#1: SEC form NT 10-K was filed saying, Biostage (BSTG) “could not complete the filing of its Form 10-K for the period ended 12/31/2020 due to disruptions in staffing… delaying their ability to obtain and compile the information required to be included in the Form 10-K, which delay could not be eliminated … without unreasonable effort and expense.
Question#2: WHY, on 1/29/21, did Danforth Advisors terminate (8-K, filed 2/4/21) its (accounting and financial officer) consulting agreement and months later – STILL … NO qualified candidates?
Question#3: Consider the attrition rate of the past five (5) years: two (2) CEOs, one (1) CMO who became president, two (2) CFOs, two (2) interim CFOs who walked-out and away, three (3) controllers, a VP of Finance who left without notice and reappeared as a consultant three (3) times, five (5) members of the board of directors of which four (4) were on the audit committee, three (3) other operating VPs and twenty (20) scientific employees.
Question#4: Are there MORE issues related to accrued liabilities NOT being recorded and WHAT about the previously awarded PPP loan coming due for repayment?
Question#5: Is RSM US LLP still the auditor, notice there was NO statement in the SEC filing?
Question#6: WHAT will RSM US LLP, BSTG’s audit firm NOW do as there is NO accounting/finance “official”– don’t they have a FIDUCIARY responsibility to report to the SEC after all these financial/accounting employment terminations in the past years?
The top U.S. securities regulator have adopted measures that would kick foreign companies off American stock exchanges if they do not comply with U.S. auditing standards, and require them to disclose any governmental affiliations.
- The Holding Foreign Companies Accountable Act, signed into law by then-President Donald Trump in December, is aimed at removing Chinese companies from U.S. exchanges if they have failed to comply with American auditing standards for three years in a row.
- The rules also require firms prove to the SEC they are not owned or controlled by an entity of a foreign government and to name any board members who are Chinese Communist Party officials, the SEC said in a statement.