Thewww.otcmarkets.comdivides issuers into three (3) levels: OTCQX, OTCQB and OTC Pink. OTCQB Certification. Be quoted by a market maker on the OTC Link (which requires a 15c2-11 application if the company is not already quoted on a lower tier of OTC Markets); Not be in bankruptcy or reorganization proceedings; Be included in a Recognized Securities Manual or be subject to the reporting requirements of the Exchange Act; Have its securities listed on a Qualifying Foreign Stock Exchange for a minimum of the preceding 40 calendar days; provided, however, that in the event the companys securities are listed on a non-U.S. exchange that is not a Qualified Foreign Stock Exchange, then at the companys request and subsequent to the company providing OTC Markets Group with personal information forms for each executive officer, director, and beneficial owner of 10% or more of a class of the companys securities and such other materials as OTC Markets Group deems necessary to make an informed determination of eligibility, OTC Markets Group may, upon its sole and absolute discretion, consider the companys eligibility for OTCQX International; Meet one of the following conditions: (i) be eligible to rely on the registration exemption found in Exchange Act Rule 12g-2(b) and be current and compliant in such requirements; or (ii) have a class of securities registered under Section 12(g) of the Exchange Act and be current in its SEC reporting requirements; or (iii) if such company is not eligible to rely on the exemption from registration provided by Exchange Act Rule 12g3-2(b) because it does not (A) meet the definition of foreign private issuer as that term is used in Exchange Act Rule 12g3-2(b) or (B) maintain a primary trading market in a foreign jurisdiction as set forth in Exchange Act Rule 12g3-2(b)(ii), and is not otherwise required to register under Section 12(g), be otherwise current and fully compliant with the obligations of a company relying on the exemption from registration provided by Exchange Act Rule 12g3-2(b). Timelines: In most cases the complete listing process will take 60-90 days, . In addition, OTC Markets can temporarily suspend trading on the OTCQB pending investigation or further due diligence review. Satisfy all of the eligibility requirements for OTCQX U.S. set forth above; Have (i) At least (a) 500,000 publicly held shares; and (b) $1 million in market value of publicly held shares; and (ii) at least (a) $500,000 in net income (in the latest fiscal year or in two of the last three fiscal years); or (b) $2.5 million in stockholders . What Is the Regulation SHO Short Seller Rule? International Reporting Companies and Regulation A Reporting Companies are exempt from the PCAOB requirement. In the event the Company is moving to the OTCQB from the OTCQX, it must have a minimum closing bid price of $.01 for at least one (1) of the 30 calendar days immediately preceding; Companies may not be subject to bankruptcy or reorganization proceedings the Company's application; Names and shareholdings of all officers and directors and shareholders that beneficially own 5% or more of the total outstanding shares, including beneficial ownership of entity shareholders. Uplisting Power | Seeking Alpha 2535 0 obj <>/Filter/FlateDecode/ID[<924CE71E0E43A84DBCD64F646EE438F1>]/Index[2517 39]/Info 2516 0 R/Length 96/Prev 736551/Root 2518 0 R/Size 2556/Type/XRef/W[1 3 1]>>stream 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. Business 101: What is a Landing Page and Do You Need One? Week 1. (i) Its annual report, including or accompanied by annual financial statements; (ii) Interim reports that include financial statements; (iv) All other communications and documents distributed directly to security holders of each class of securities to which the exemption relates. A new Application Fee is due upon submission of the Application and Agreement. Companies listed here report to a U.S. regulator such as the SEC or FDIC and must follow standards to improve transparencythose who are most likely to be associated with stock promoters and other shady operators will be excluded. International issuers on the OTCQX must meet specified eligibility requirements. Find And Capture The Gain From Uplisting Stocks | Seeking Alpha All PALs must be approved byOTC Markets Group. First, they do it because they have outgrown OTC markets, and want to perpetuate further growth. Sponsor Qualifications. At least one member of the Board of Directors and the Audit Committee must be independent at the time of application. Entities that do not meet the requirements of either OTCQX or OTCQB will be quoted on the OTC Pink. In order to maintain theRule 12g3-2(b)exemption, the issuer must continue to publish the required information on an ongoing basis and for each fiscal year. All subsequent written and oral forward-looking statements concerning the company, the offering or other matters, are expressly qualified in their entirety by the cautionary statements above. Since uplisting, the stock . The application consists of (i) OTCQX application for international companies; (ii) the contractual agreement with OTCQX for international companies; (ii) the OTCQX application fee; (iv) the OTCQX Agreement for international companies; (v) an application for the international companys desired PAL if such PAL is not already pre-qualified; (vi) an appointment form for theDAD/PAL; and (vii) a copy of the companys logo in encapsulated postscript (EPS) format. Goldrich Mining advised that its common shares commenced trading under the ticker symbol "GRMC" on the OTCQB effective March 19, 2021. As a verified market with efficient access for U.S. investors, OTCQB helps companies build shareholder value with the goal of enhancing liquidity and achieving a fair valuation. Columbus, Ohio--(Newsfile Corp. - December 9, 2021) - Better For You Wellness, Inc. (OTC Pink: BFYW) ("Better For You Wellness" or the "Company"), an Ohio-based company focused on the rapidly . How to Set an Effective Google Ads Budget. PHOENIX (August 25, 2022) Business Warrior Corp. (OTCQB: BZWR), the source for success and long-term growth for small businesses, is pleased to announce its successful uplisting from the OTC Pink Market to the OTCQB Venture Market (the OTCQB), effective August 25, 2022. Business Warrior will continue to trade under the ticker symbol BZWR.. By Hamilton & Associates Law Group, P.A., Florida. OTCMarkets processes the filings it receives in the order that they were received. Better For You Wellness Announces Application to Uplist to OTCQB By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. The Rule is automatic for foreign issuers that meet its requirements. Entities that do not meet the requirements of either OTCQX or OTCQB will be quoted on the OTC Pink. endstream endobj 636 0 obj <. Business Warrior provides software and services to small businesses focused on growing their business. Businesses need to provide proof of meeting all minimum requirements including net tangible assets, revenue, and bid price. The 90-day misconception comes from the fact that some companies that are not yet profitable and that lack an adequate. ALL RIGHTS RESERVED. Some companies might be forced to undergo additional scrutiny, particularly if they have recently been delisted from the New York Stock Exchange or NASDAQ. For more information, visit https://businesswarrior.com. 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? These companies are often looking to expand, and increase market share. Law Firm Website: https://www.securitieslawyer101.com. hbbd```b``^"W2D26`'0~fwR0,@qc8vHY= o&F&.d}0 A^S Investopedia does not include all offers available in the marketplace. Timely Disclosure of Material News Releases/Developments 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. 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. Special Considerations Stocks trading in the OTCQB have many of the same protections as. In our opinion an OTCQB listing would be advisable, it just has an additional layer of compliance, we can start with the Pink Sheet Listing and you can choose to uplist to OTCQB or QX, if desired. Influencer Marketing: Yay or Nay for Med Spas? Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. 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. OTC Markets Listing Requirements - The Anthony L.G., PLLC Advantage This is one of the most important and fundamental purposes of the OTCQB market. Upon application for quotation on the OTCQX, Companies must pay an initial non-refundable fee of $5,000. Alternative Reporting Companies must file, through the OTC Disclosure & News Service, all reports required to be filed pursuant to the OTCQX and OTCQB Disclosure Guidelines, including Quarterly Reports and audited Annual Reports. Entitle Level 2 Quote Display service for the Companys securities on OTC Markets Groups websites and the Companys corporate websites. Stocks trading in the OTCQB havemany of the same protections as more established, larger stocks. How Does a Stock Move From OTC to a Major Exchange? The approval process and compliance review can take up to 3-4 weeks after submission of the application. This is another massive milestone that weve hit as part of our vision to be the premier source for small businesses to grow and increase profits. Real Brands Inc. Files to Uplist to OTCQB - Yahoo Finance The goal of the OTCQB is to help companies build shareholder value by enhancing liquidity and achieving fair valuation. Request additional verifications from a third party as applicable. Realistically probably looking at a week or two. Where do I get a Medallion Signature Guarantee? Smaller Reporting Companies (SRCs) and (EGCs), SEC Statues, Rules, Regulations and Schedules, Public Company SEC Reporting Requirements. Transferring Ownership of Stock within an S Corporation, A Guide to Corporate Officers and Their Roles, Top 10 Best Crowdfunding Platforms for Reg A+, Up-listing from an OTC to a National Exchange, Financing/IPO Transactions March 2023, Financing/IPO Transactions February 2023, Financing/IPO Transactions January 2023, Financing/IPO Transactions December 2022, Financing/IPO Transactions November 2022, Office of Compliance Inspections and Examinations (OCIE), XBRL (eXtensible Business Reporting Language). Notification of Resignation or Dismissal of PAL A company must immediately notify OTC Markets in writing of the resignation or dismissal of the PAL for any reason; Payment of Fees a company must pay its annual fees to OTC Markets; Responding to OTC Markets Group Requests OTCQX quoted companies are required to respond to OTC Markets comments and amend filings as necessary in response thereto; Ongoing Disclosure Obligations (i) Companies subject to the Exchange Act reporting requirements must remain current in such reports; (ii) A company that is not an SEC Reporting Company must remain current and fully compliant in its obligations under Exchange Act Rule 12g3-2(b), if applicable, and in any event shall, on an ongoing basis, post 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); (iii) provide a letter to its PAL at least once a year, no later than 210 days after the fiscal year end which states that the company (y) continues to satisfy the OTCQX quotation requirements; and (z) is current and compliant in its obligations under Exchange Act Rule 12g3-2(b) and that the information required under such rule is posted, in English, on the OTC Markets website or that the company is subject to the SEC reporting requirements and is current in such reporting requirements. This support improves our financial outlook and enables us to take advantage of major growth opportunities. Once you file your initial application with the New York Stock Exchange, you should hear back from a representative of the exchange in approximately 14 days; however, it may take several months to go through the process from start to finish. 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.
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