The Securities and Exchange Commission (SEC) has “temporarily suspended” the Regulation A+ offer by Med-X listed on StartEngine. Med-X is a company is an entrepreneurial cannabis startup that is seeking up to $15 million in equity.
The SEC order said the Med-X’s Tier 2 Reg A+ offer, which was qualified by the SEC in November of 2015, had not filed an annual report for the fiscal year the offering statement had been qualified. Annual reports on Form 1-K must be filed within 120 calendar days after the end of the fiscal year covered by the report as mandated by law.
The Commission issued a statement regarding the action cautioning brokers, dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Med-X may request a hearing with the SEC to determine if the suspension should be vacated or made permanent.
Under Reg A+, certain reports and filings are mandated by companies intent on using this securities exemption.
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