01:36:49 EDT Thu 02 Jul 2020
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SEC halts purported PPE provider Micron

2020-05-27 18:53 ET - Street Wire

Also Street Wire (C-MWM) Micron Waste Technologies Inc (2)

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by Mike Caswell

The U.S. Securities and Exchange Commission has halted Micron Waste Technologies Inc., a Vancouver company that claims to have a deal for the manufacture of face masks and other in-demand protective gear. The SEC says that there are questions about the accuracy of Micron's disclosure, in particular its deal to acquire an entity called Covid Technologies Inc. A halt is necessary for the protection of investors.

The halt notice comes about one month after Micron claimed that it was entering the market for personal protection equipment, or PPE for short. The company said that it would acquire Covid Technologies, a company supposedly capable of rapidly producing "key pieces" of gear. These included three-ply surgical masks and respirators. The news sent the stock (which had been trading between three and five cents on the Canadian Securities Exchange) to an 11-cent high on April 28, 2020.

Unfortunately for Micron, the news drew the attention of regulators, both in the United States and Canada. The stock trades primarily on the CSE, but it also has a U.S. listing on the OTC Pink, which is regulated by the SEC. In co-ordinated orders, both the SEC and the B.C. Securities Commission halted the stock, with the orders taking effect at the open on Wednesday, May 27.

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