The US Securities and Exchange Commission (SEC) has suspended the trading of Baltia Air Lines, Inc. (t/a USGlobal Airways) stock effective May 8.
The regulator said in a statement that it had based its decision on the fact that Baltia had not filed any periodic reports since the period ended March 31, 2016.
As a consequence, the SEC sent a delinquency letter to the start-up on February 27 in which it sought to sought to get it to comply with listing requirements. However, despite receiving the letter on March 6, Baltia failed to "cure its delinquencies" resulting in the suspension of its stock.
In a follow-up statement, Baltia said it was cooperating with the SEC and working on all fronts to rectify the trading suspension.
"The restatement of previous years' financials and ongoing legacy legal proceedings have caused a delay in providing completed audited financials," it said. "Our goal is to complete this process as quickly as possible."
Baltia Air Lines is a forty-year-old start-up that has yet to complete certification let alone commence operations. In November last year, its bid to gain an immediate path of market through the purchase of Songbird Airways (Lakeland) and to lease a single B737-400, fell through.
