A company needs to either have $2 million dollars in revenue, $1 million tangible assets, $500,000 in net income, or $5 million in market value for the OTCQX. The information required to be published electronically under paragraph (b) of this section is information that is material to an investment decision regarding the subject securities, such as information concerning: At a minimum, a foreign private issuer shall electronically publish English translations of the following documents: OTCQX Rules for International Companies Requirements. The 90-day misconception comes from the fact that some companies that are not yet profitable and that lack an adequate. Since uplisting, the stock . The OTCQB marketplace is run through OTC Link, an inter-dealer quotation and trading system developed by OTC Markets Group. Does the stock trade on every trading day? These statements reflect managements current views with respect to future events and are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict (many of which are outside of the companys control) and could cause the companys actual results to differ materially from those contained in the forward-looking statements. Rules of the Road l Uplisting to the OTCMarkets OTC Pink Sheets Submit an OTCQB Annual Certification confirming the accuracy of the current company profile and providing information on officers, directors and controlling shareholders. Over the counter securities are traded on OTC Markets, through an online alternative trading system (ATS) that includesbroker-dealers and market makers. Have U.S. $2 million in total assets as of the most recent annual or quarter end; As of the most recent fiscal year end, have at least one of the following: (i) U.S. $2 million in revenues; (ii) U.S. $1 million in net tangible assets; (iii) U.S. $500,000 in net income; or (iv) U.S. $5 million in global market capitalization; Meet one of the following penny stock exemptions under. To be eligible, companies must be current in their reporting, undergo annual verification and certification, meet a $0.01 bid test, not be in bankruptcy, have at least 50 beneficial shareholders, each owning at least 100 shares, and a public float in excess of 10% of the total shares outstandingsome flexibility is offered with regard to the latter requirement. This press release and the offering materials may contain forward-looking statements and information relating to, among other things, the company, its business plan and strategy, and its industry. Marion, North Carolina--(Newsfile Corp. - February 10, 2021) - Greene Concepts Inc. (OTC Pink: INKW) is pleased to announce it has begun the application process : Corporate and Securities Law Practice Areas, Cryptocurrency Securities and Initial Coin Offerings (ICOs), Distributed Ledger Technology (Blockchain Technology), SEC Statutes, Rules, Regulations, and Schedules, Public Company SEC Reporting Requirements, Smaller Reporting Companies (SRCs) and Emerging Growth Companies (EGCs), Principal American Liaison and Designated Advisors for Disclosure, Annual Report of Office of Advocate for Small Business Capital Formation, ESG Board of Directors and Auditor Matters, OTCQX Listing and Quotation Eligibility and Requirements for International Companies. Smaller Reporting Companies (SRCs) and (EGCs), SEC Statues, Rules, Regulations and Schedules, Public Company SEC Reporting Requirements. The company's OTC stock skyrocketed, gaining 50 percent of market value in the following month. suntannedmonk 2 yr. ago The corporate finance landscape is perpetually changing and our attorneys adapt just as quickly. Information required to be released quickly to the public under this section 2.2(7) should be disclosed in a press release or through the OTC Disclosure & News Service or through an Integrated Newswire. In fact, a company's up-listing event is sometimes referred to as its second IPO. Business 101: What is a Landing Page and Do You Need One? NEW YORK , Oct. 14, 2020 (GLOBE NEWSWIRE) -- Silo Pharma, Inc. (OTCQB: SILO) a developmental stage biopharmaceutical company focused on the use of psilocybin as a therapeutic, today announced its successful uplisting from the OTC Pink Market to the OTCQB Fees. Bountiful, Utah-- (Newsfile Corp. - September 14, 2022) - KwikClick, Inc. (OTC Pink: KWIK), is pleased to announce that it will begin the process for moving off the OTC Pink Sheets and uplisting to. PQ Up-listing from an OTC to a National Exchange - Colonial Stock At least two members of the Board of Directors and a majority of the members of the Audit Committee must satisfy the independence requirement within the later of 90 days after the Company begins trading on OTCQB or the time of the Companys next shareholder meeting. Confirmation that the Company is current in its SEC reporting obligations and has filed all reports with the SEC, that all financial statements have been prepared in accordance with U.S. GAAP, and that the auditor opinion is not adverse, disclaimed or qualified; International Companies (i) Companies subject to the Exchange Act reporting requirements must be current in such reports; (ii) A company that is not an SEC Reporting Company must be current and fully compliant in its obligations under Exchange Act Rule 12g3-2(b), if applicable, and shall have posted in English through the OTC Disclosure & News Service or an Integrated Newswire, the information required to be made publicly available pursuant to Exchange Act Rule 12g3-2(b) for the preceding 24 months (or from inception if less than 24 months); and all financial statements have been prepared in accordance with U.S. GAAP and that the auditor opinion is not adverse, disclaimed or qualified; Verification that the Company profile is current, complete and accurate; The companys reporting standing (i.e., whether SEC reporting, bank reporting or international reporting) and briefly describing the registration status of the company; If the Company is an International Company and relying on 12g3-2(b), that it is current in such obligations; That the company is current in its reporting obligations to its regulator and that such information is available either on EDGAR or the OTC Markets website; States the law firm and/or attorneys that assist the company in preparing its annual report or 10-K; Confirms that the company profile on the OTC Markets website is current and complete; Identifies any third-party providers engaged by the Company, its officers, directors or controlling shareholders, during the prior fiscal year and up to the date of the certification, to provide investor relations services, public relations services, stock promotion services or related services; Confirms the total shares authorized, outstanding and in the public float as of that date; and. 2022 ANTHONY L.G., PLLC . Stocks uplist to the Nasdaq and NYSE because theres more money there. What You Can and Cant Say in Holistic Health Facebook Ads? All international companies that are quoted on the OTCQX must submit an application and pay an application fee. endstream endobj startxref The offers that appear in this table are from partnerships from which Investopedia receives compensation. In any event, the independence requirement must be satisfied within one year of the Company joining OTCQB. However, such issuers are then further qualified based on the level of voluntary information provided towww.otcmarkets.com. What Is the Regulation SHO Short Seller Rule? How to Play Stocks in the Pink Sheets Market, Introducing Pink Sheets: The OTC Pink Market, The Most Crucial Financial Ratios for Penny Stocks, What Is OTCQX? Lego Disney Castle 71040, OTCQB Listing, OTCQB Requirements, OTCQB Reporting GUIDE TO JOINING THE OTCQX OR THE OTCQB MARKETS FOR CANADIAN - Dorsey Companies applying for sale on the OTC also need to show that they are not a penny stock, not a shell company, and not subject to any active reorganization or bankruptcy proceedings that would prohibit listing. Similar to other stock exchanges, there are a number of requirements that companies need to meet before they can get traded on the OTC. 3), Step-by-Step Guide to Creating Audience Avatars for Your Acupuncture Clinic, How to Set an Effective Facebook Ad Budget, Business Warrior Secures $25 Million Equity Line of Credit from Keystone Capital, How to Choose the Best Keywords for Your Holistic Health Clinic, Business Warrior Acquires Award-Winning Marketing Agency, Helix House, How to Ask Your Med Spa Clients for Good Reviews, Business 101: Turning an Online Lead into a Customer (Pt. It appears that uplisted bank stocks are a solid good bet. When used in the offering materials, the words aim, estimate, project, believe, anticipate, intend, envision, estimate, expect, future, goal, hope, likely, may, plan, potential, seek, should, strategy, will and similar references to future periods are intended to identify forward-looking statements, which constitute forward looking statements. Issuers with no information are denoted by a skull and crossbones, issuers with limited financial and business information are classified as limited information, and issuers which provide information as set forth in the OTC Markets Pink Alternative Reporting Standard are denoted with a current information symbol. How an Uplisting Works - TheStreet The OTCQB, also called "The Venture Market," is the middle tier of the over-the-counter (OTC) market for U.S. stocks. We even store completed forms and supporting documents so they will be readily accessible for future reference. Contact us now. The limits are lower for the other OTC markets. In addition, OTC Markets can temporarily suspend trading on the OTCQB pending investigation or further due diligence review. Exchange Act Rule 12g3-2(b) Compliance. The OTCQB replaced the Financial Industry Regulatory Authority (FINRA)-operated OTC Bulletin Board (OTCBB) as the main market for trading OTC securities that report to a U.S. regulator. Moreover, a foreign entity must submit a letter of introduction from a qualified PAL which states that the PAL has a reasonable belief that the company is in compliance with SEC Rule 12g3-2(b), is listed on a Qualified Foreign Exchange, and has posted required disclosure on the OTC Markets website. Pink Sheets: Listings for Stocks That Trade Over-the-Counter. If so, how long ago did the reverse merger take place? OTC Markets may require additional conditions or undertakings prior to admission. It generally takes 4-6 weeks to process a listing application. 658 0 obj <>/Filter/FlateDecode/ID[<479A9D10D7829646A092F1B56BA304AA>]/Index[635 36]/Info 634 0 R/Length 110/Prev 312362/Root 636 0 R/Size 671/Type/XRef/W[1 3 1]>>stream The Company must file, through the OTC Disclosure & News Service, an OTCQB Certification signed by either the CEO or CFO stating the following: The provision under which the Company is registered with the, The Company is current in its reporting obligations as of the most recent fiscal year end and any subsequent reporting periods and that such information has been filed either on. Regulation A+ Standards: The reporting standard for a Company subject to the reporting obligations under Tier 2 of Regulation A under the Securities Act. Cloud-based lending platform PayPlan offers a $1000 price point to spark innovation in lending. Regain compliance with the requirement by the earlier of its next annual shareholders meeting or the date that is one year from the occurrence of the event that caused the noncompliance. An OTCQB Company is expected to release quickly to the public any news or information which might reasonably be expected to materially affect the market for its securities. In addition, OTC Markets can temporarily suspend trading on the OTCQX pending investigation or further due diligence review. OTCQB (The Venture Market): Definition in Stocks and Benefits A company may voluntarily withdraw from the OTCQB with 24 hours notice. Uplistings, explained (+ examples of uplisted stocks) - Public Requirements for Ongoing Qualification for Quotation on the OTCQX. Influencer Marketing: Yay or Nay for Med Spas? Investopedia does not include all offers available in the marketplace. Names and addresses of any third-parties engaged by the Company, its officers, directors or controlling shareholders, during the period from the Companys prior fiscal year end to the date of this OTCQB Certification, to provide investor relations services, public relations services, or other related services to the Company including promotion of the Company or its securities. Upon application for quotation on the OTCQX, Companies must pay an initial non-refundable fee of $5,000. For more information, visit https://businesswarrior.com. A company may voluntarily withdraw from the OTCQX with 24 hours notice. After the initial disclosure has been posed, the company must submit a PAL Letter of Introduction to OTC Markets Group. OTC Markets Group Inc. operates financial markets for 11,000 U.S. and global .