Bactolac Pharmaceuticals(BTCP)Delists

On September 21, Bactolac, formerly Advanced Nutraceuticals (ANII), filed Form 15 with the SEC. Now delisted, the company trades on the pink sheets under the symbol BTCP.

An interesting ride

The company threatened to halt it's attempt to split 1 for 500 in order to get below the Mendoza Line of shareholders (300), following a flurry of buying in lots of 499 by investors trying to capitalize on the buyout price of $4.00 per share. This forced the company to cough up more cash to buy out the burgeoning number of odd lot shareholders(or 499ers as we've previously referred to them) than it had originally intended. Whether the company was truly serious about halting the transaction due to the additional cash outlay, or whether it was trying to smoke out some 499ers we'll never know for sure.

The reverse split/odd lot buyout leaves the company with 50 shareholders of record, well below the requisite 300 required to delist. With about 9000 shares outstanding, the company's transparency and liquidity are history. Still, we hold shares in this tiny but profitable company, obscene bid/ask spread and all.

*The author has a position in this stock. This is neither a recommendation to buy or sell this security. All information provided believed to be reliable and presented for information purposes only.