Business
NANO MAGIC VINDICATED BY SEC IN HISTORIC REVERSAL OF 2020 TRADING SUSPENSION
NANO MAGIC VINDICATED BY SEC IN HISTORIC REVERSAL OF 2020 TRADING SUSPENSION.
About this update from Nano Magic Inc.
[{"type":"text","content":"\n MADISON HEIGHTS, Mich., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Nano Magic Inc. (OTCMKT: NMGX) (“Nano Magic” or the “Company”), a leader in nanotechnology-powered cleaning, protection and anti-fog solutions, announced that, on October 10, 2024, the Securities and Exchange Commission (“SEC”) finally granted Nano Magic’s Petition filed more than four years earlier. The SEC Order granted Nano Magic’s Petition to vacate the 10-day trading suspension order, nunc pro tunc to April 30, 2020. Reacting to the SEC decision, Tom Berman, President and CEO, stated that “we have maintained since day one that SEC was wrong to suspend trading in our stock. This unprecedented decision vindicates us. Still, I am outraged that this expensive and long-drawn-out legal battle was needed to establish once and for all that the trading suspension was wrong from the get-go. We are grateful for the dedication and creativity of Jacob Frenkel and his team at Dickinson Wright to stand with us and vigorously argue for Nano Magic at every turn.” Jacob Frenkel, Securities Enforcement Practice Chair at Dickinson Wright PLLC and lead counsel for Nano Magic throughout the trading suspension litigation against the SEC stated that “the SEC’s extraordinary decision -- for what appears to be for the first time in the agency’s history not just setting aside a trading suspension but doing so retroactive to its date of issuance -- in essence means that the Commission issued the original suspension Order improperly. We have argued from the filing of the Petition in May 2020 through our most recent brief in June 2024 that the Enforcement Division’s Philadelphia Office staff acted improperly and irresponsibly in seeking the suspension, thereby harming and prejudicing the Company irreparably. I applaud Tom Berman and Nano Magic’s leadership for continuing its fight for the shareholders and willingness to dig in to pursue the only appropriate outcome. That was and is complete victory against the Commission.” On April 30, 2020, the SEC issued a 10-day trading suspension of the Company’s common stock. On May 6, 2020, the Company filed timely with the SEC its Petition to Terminate the Trading Suspension. On May 14, 2020, the 10-day trading suspension expired, but because the C...