The SEC denied a company’s request to undo a six-year-old trading suspension. That’s not the interesting part. The interesting part is what Commissioner Hester Peirce had to say about why the agency should bother reviewing these cases at all.
In a concurrence issued alongside the SEC’s opinion on June 25, 2026, Peirce argued that the review process for trading suspensions serves a purpose that extends well beyond any single case. Even when a suspension has already expired, the fallout for the targeted company can linger for years, making procedural review not just a formality but a genuine safeguard.
The No Borders case
The company at the center of this is No Borders, Inc., a non-reporting company that traded under the ticker NBDR. Back in April 2020, during the early chaos of the COVID-19 pandemic, the SEC ordered a trading suspension from April 6 to April 20.
The reason: No Borders had been making public statements about rapid COVID-19 test kits and medical supplies that were inconsistent with what the company had disclosed to the SEC.
