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Already facing financial straits, Indianapolis-based BrowseSafe.com may find its stock only available in the thinly traded "pink sheets" if the company's first comprehensive public filing doesn't gain the Securities and Exchange Commission's approval this month.
The company makes an Internet browser designed to screen objectionable Web sites. BrowseSafe went public last year after a merger with Motioncast Television Corporation of America, but it's still awaiting more than $1.5 million in payments connected with that deal.
BrowseSafe's possible fall from the bulletin board comes at a critical time. The company, with the help of a Canadian firm, is attempting to raise $10 million through a public offering. It recently secured a $750,000 investment, in exchange for stock, to carry the company through the next few months.
BrowseSafe shares, traded under the symbol PGPG, now carry an additional "E" the NASD affixed as a sign to investors it may be dropped from the board.
A new NASD rule requires all companies on the OTC Bulletin Board to make certain financial information public on a scheduled basis to give investors access to current financial information.
Companies have a phased-in schedule to comply. BrowseSafe is supposed to have...