· Normally trades on the Pink Sheets. (Pink Sheets is a privately owned quote service not associated with NASD and not subject to SEC reporting requirements.
· Past reporting, a delinquent filer, no longer current with its SEC filings. May avoid SEC review if reporting is brought current.
Trading and Reporting OTC/BB:
· Reporting with the SEC, must file annual 10ks with an audit, 10Qs and 8Ks.
· Can be a 15D reporting under the ‘33 Act, or a 12G reporting under the ‘34 Act.
· Value is $400,000 to $900,000 and equity dilution of 4% to 9% post merger
· Company must file a registration statement to become a reporting company and will normally require a SEC review.
· May qualify for the “piggy back” exemption if the company becomes current and compliant with the SEC in its reporting requirements.
· Designated Pink Sheet
· Directed trading pink sheet, does not have a 15c211 on file with the NASD.
· No NASD symbol.
· On a level two quote, the market maker will quote the bid/offer 1 share by 1 share only.
· Normally only a shareholder base.
· No symbol.
May or may not have been a reporting company in the past.
· Must file with SEC full business information and audits to become reporting. Market Maker must file a new 15c211 with the NASD to get symbol.
· 12G companies, normally just filed a 10k with no business.
· Usually one shareholder.
· No symbol.
· Gray sheet, an inactive symbol.
· May or may not be reporting.
· No active market maker.
· Market maker must file a new 15c211 with the NASD to get symbol.
· A shareholder base of 50 or more is necessary to get a symbol.
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