Covering their tracks? (SEFE)

Let’s take another quick break from our chronological look at current reverse-merger darling SEFE, Inc. (SEFE), to examine this morning’s Form D filing from the company.

Form D filings are required when a company attempts to raise money under one of the Reg D exemptions to the registration requirements of the SEC. Essentially, the company is attempting to sell unregistered securites. The rules are very clear, and one of the rules concerns when the Form D must be submitted:

An issuer must file a new notice with the SEC for each new offering of securities no later than 15 calendar days after the “date of first sale” of securities in the offering

So, if a company met the Reg D exemption and were to sell stock on April 10, 2012, they would need to file their Form D today.

On SEFE‘s newly filed Form D, available here, they announce that this is a new notice and they wish to raise $8mm under Rule 506. As of the date of the notice they have raised $854,500.00. Not very impressive fundraising for a company with a stock as hot as SEFE‘s.

But that is not the fascinating part. The filing gets quite interesting when one examines the date of first sale. It is April 13, 2011.

SEFE is a little less than a year delinquent on this filing. So is the company trying to cover up their tracks?

The content contained in this blog represents only the opinions of the author. The author may hold either long or short positions in securities of various companies discussed in the blog. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. This blog is not a solicitation of business: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.

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