A cup of coffee is poured during Luckin Coffee's IPO at the Nasdaq Market site in New York, U.S., May 17, 2019. REUTERS/Brendan McDermid/File PhotoWASHINGTON/NEW YORK, Sept 23 - As many as 2,000 companies could disappear from the off-exchange "pink sheets," long a favorite of retail investors, when a new rule aimed at stamping out fraud in this notoriously risky enclave of U.S. equities markets comes into effect next week.
The market operator may have to remove, if only temporarily, between 1,000 and 2,000 stocks from the Pink Market, he estimated, meaning broker quotes will no longer be available to investors via online retail broker platforms. While customers will be still able to sell their shares after Sept. 28, brokers have warned of severely limited liquidity, which usually means investors get a bad deal. Investors still keen to dabble in companies that have not complied may have to call up their broker for a quote.
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