The selling broker for Med-X’s Regulation A+ offering has quit, citing the late filing of the company’s 2015 annual report, which resulted in the suspension of the offering by the Securities and Exchange Commission in September.
In the latest ruling in the pitched battle between the securities defense bar and the SEC on the validity on the agency's administrative law courts, a judge in the U.S. 10th Circuit Court of Appeals has found the agency's hiring of administrative law judges, or ALJs, to be unconstitutional.
The Securities and Exchange Commission has halted a Reg A offering by a California-based marijuana company after the company was late in filing its annual report. Med-X, which operates a website about the marijuana industry, had been marketing its $15 million offering through StartEngine’s online portal.
The disclosure of a subpoena by the SEC, followed by the New York Stock Exchange’s announcement that it would not approve listing the company’s stock after it completes a controversial reverse merger, sent shares of MGT Capital plummeting.