C00896-2024 |
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 16 February 2024. |
Background/Description of the Disclosure |
On 21 February 2024, NOW Corporation received an Order dated 16 February 2024 from the Enforcement and Investor Protection Department (EIPD) of the Securities and Exchange Commission (SEC) denying the Company’s Request for Reconsideration relative to EIPD’s Order dated 15 June 2023 finding of an alleged violation of Section 24.1(d) of the Securities Regulation Code. The dispositive portion of the EIPD Order states, “WHEREFORE, premises considered, the REQUEST FOR RECONSIDERATION dated 03 July 2023 filed by NOW CORPORATION and MR. MEL V. VELARDE is hereby DENIED for lack of merit.” 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 alleged unpaid Supervision and Regulation Fees and Spectrum User Fees of NOW Telecom Company, Inc. (a separate entity). The Company disagrees with the Orders of the EIPD and has referred the matter to its legal counsel to appeal the same to the SEC en banc. |
Other Relevant Information |
Attached to the report is a copy of SEC Form 17-C. |
Name | Angeline Macasaet |
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Designation | Corporate Secretary |