Minerco (MINE) Responds To SEC Suspension of Trading on OTC Markets
Minerco, Inc. (OTC PINK: MINE) is facing a temporary suspension of trading from May 27 to June 10, 2021, ordered by the SEC due to concerns over the adequacy and accuracy of information available about the company. The SEC's order highlights potential issues related to corporate organization, ownership status, and market manipulation. CEO Julius Jenge announced the company's commitment to cooperate with the SEC and provide updates as necessary. Minerco specializes in psilocybin mushroom products and operates under scrutiny, which may affect investor confidence.
- Company hiring SEC counsel to ensure full cooperation.
- Commitment to transparency in providing updates to shareholders.
- Trading suspension raises concerns over corporate governance.
- SEC identified potential market manipulation issues.
- Inconsistencies between public statements and financial disclosures.
Company Will Fully Cooperate With SEC In A Timely Manner
ANN ARBOR, MI / ACCESSWIRE / June 7, 2021 / Minerco, Inc. (OTC PINK:MINE) today announced that on May 26, 2021, the Company was notified by the SEC that it had ORDERED, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed Company is suspended for the period from 9:30 a.m. EDT on May 27, 2021, through 11:59 p.m. EDT on June 10, 2021.
Julius Jenge, Chief Executive Officer of Minerco, Inc. said: "The Company has hired SEC counsel and will fully cooperate with the SEC in a timely manner. We will provide additional information and updates as permitted, to our shareholders and the markets as the matter develops."
The Order of Suspension of Trading stated that: " It appears to the Securities and Exchange Commission that the public interest and the protection of investors require a suspension in the trading of the securities of Minerco, Inc. ("Minerco" or "the Company")(CIK # 0001451514), formerly a Nevada company, because of questions and concerns regarding the adequacy and accuracy of information about the Company in the marketplace and unusual and unexplained activity affecting the market for its securities. These include questions and concerns about the status of its corporate organization, its ownership, the accuracy and completeness of its public statements to investors about its activities, inconsistencies between its statements on social media and in its press releases as compared to its financial disclosures on www.OTCMarkets.com, and the possibility of manipulation of the market for its securities. As of May 21, 2021, the Company's common stock was quoted and traded on OTC Link whose parent company is OTC Markets Group Inc., under the symbol MINE. As of May 21, 2021, the Company's common stock, had seven market makers, and was eligible for the "piggyback" exception of Exchange Act Rule 15c2- 11(f)(3) under the Securities and Exchange Act of 1934.
The Commission is of the opinion that the public interest and the protection of investors
require a suspension of trading in the securities of the above-listed Company."
About Minerco, Inc.
Minerco, Inc., "The Magic Mushroom Company" (OTC Pink: MINE), is the pioneering company specializing in the research, production, and distribution of psilocybin mushroom products ("Magic Mushrooms"). The Blockchain token SHRU can be used for purchases relating to psilocybin and cannabis. SHRU can be purchased at www.shrucoin.com. Consumers can also utilize the SHRUCOIN Pay app by visiting www.shrucoinpay.com. To learn more about Minerco, Inc. please visit www.minercoinc.com.
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MINERCO, INC. FORWARD-LOOKING STATEMENTS
This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we "expect," "intend," "plan," "estimate," "anticipate," "believe," "should," or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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Minerco Investor Relations
Phone: 323-380-4500
SOURCE: Minerco, Inc.
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https://www.accesswire.com/650682/Minerco-MINE-Responds-To-SEC-Suspension-of-Trading-on-OTC-Markets
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