T12Halt — Additional Information Requested
T12 is the code traders least want to see on a position. The exchange has asked the company for information — often after unusual price or volume activity, a promotional campaign, or an unclear disclosure — and has halted trading until it gets a satisfactory answer. Unlike a news halt, there is no scheduled release to wait for.
What triggers it
- The exchange requests clarification or additional information from the issuer and halts trading pending the response.
- Frequently follows extreme, unexplained price movement or questions about the accuracy of public information.
How long it lasts
Open-ended and often long. T12 halts can run for multiple sessions, and some securities do not resume trading on the exchange at all.
How it resumes
Trading resumes only once the exchange is satisfied with the information provided. Resolution can also end in delisting rather than a resume.
What it means for a day trader
T12 is the tail risk of holding a parabolic small cap into a vertical move. Capital in the name is frozen for an unknown period.
Because the distribution of outcomes is wide and left-skewed, T12 events should be modeled separately from volatility pauses in any backtest. Averaging them together hides the risk.
A T12 is a statement about information quality, not price. It is the exchange questioning what the market has been told.
Related halt codes
Track T12 halts as they happen
Halt Strategy monitors live NASDAQ and NYSE halts, replays the setup around each event, and backtests outcomes segmented by halt code — so T12 events are never averaged in with everything else.
Primary sources
Halt Strategy is research software, not investment advice, and does not execute trades. Halt procedures are set by the exchanges and regulators and can change; confirm current rules against the primary sources before acting on them. Read the full disclaimer and editorial policy.