OTCBB is run By NASDAQ from what I understand. If you go to www.otcbb.com, you will see copyrights by NASDAQ there. IMO the purpose for getting a name change approval would be so that when they do go NASDAQ there are no problems with the name or symbol. The requirements are listed below and the only requirements missing is the $4 bid.For initial listing on the Nasdaq SmallCap Market a company must have at least:
(i) net tangible assets of $4,000,000 or market capitalization of $50,000,000 or net income for two of the last three years of $750,000;
(ii) public float of 1,000,000 shares with a market value of $5,000,000;
(iii) a bid price of $4.00;
(iv) three market makers;
(v) 300 shareholders and
(vi) an operating history of one year or, if less than one year, $50,000,000 in market capitalization.
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For continued listing on the Nasdaq SmallCap Market
(i) a company must have at least net tangible assets of $2,000,000 or market capitalization of $35,000,000 or net income for two of the last three years of $500,000;
(ii) a public float of 500,000 shares with a market value of $1,000,000;
(iii) a bid price of $1.00;
(iv) two market makers; and
(v) 300 shareholders." |
