C04854-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 1,806,726,314 |
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Subject of the Disclosure |
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SEC EIPD Order dated 15 June 2023. |
Background/Description of the Disclosure |
On 19 June 2023, NOW Corporation received an Order dated 15 June 2023 from the Enforcement and Investor Protection Department (EIPD) of the Securities and Exchange Commission relative to an alleged violation of Section 24.1(d) of the Securities Regulation Code. The dispositive portion of the SEC Order states, “Accordingly, NOW CORPORATION and MR. MEL V. VELARDE are administratively liable for violation of Section 24.1(d) in relation to Section 54.1 of the Securities and Regulation Code for disclosing misleading information to the public and are hereby DIRECTED to pay ONE MILLION PESOS (PHP1,000,000.00) each within fifteen (15) days from receipt of this Order.” The alleged violation emanated from NOW Corporation’s disclosure dated 10 November 2021 stating that it has no knowledge of the details surrounding the Motions filed by the National Telecommunications Commission through the Office of the Solicitor General regarding the PhP2.6B liability representing unpaid Supervision and Regulation Fees and Spectrum User Fees of NOW Telecom Company, Inc. (a separate entity). NOW Corporation disagrees with the Order of the EIPD and shall file a motion for reconsideration. |
Other Relevant Information |
Attached to the report is SEC Form 17-C. |
Name | Angeline Macasaet |
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Designation | Corporate Secretary |