I used to think that as well. Unfortunately, as I stated earlier, I am in a stock that filed well in advance. Maybe the NASD started reviewing their paperwork, but the SEC dragged its heels as they are allowed for 60 days Plus.
The dates below are not dates that the NASD starts to look at the companies. They are the last dates that non-compliant companies will be reported. From the OTC BB site:
otcbb.com
"Please note that the FINAL date for an issuer to become compliant before removal from the OTCBB is the close of business on the FIRST trading day of the month indicated below.
Schedule Date Issue Symbol
July 1999 A - AD
August 1999 AE - AO
September 1999 AP - BI
October 1999 BJ - CT
November 1999 CU - FL
December 1999 FM - IG
January 2000 IH - MD
February 2000 ME - OR
March 2000 OS - R
April 2000 S - TN
May 2000 TO - Z
June 2000 All Banks & Insurance Companies "
By the way, thirty days before the above dates, companies that haven't received SEC blessing get an "E" appended to their ticker symbol. In otherwords, the scarlet letter appears 30 days PRIOR to the above dates. That is foreplay to the ultimate kiss of death.
The company I referred to, which submitted their 10 filing a full THREE and ONE HALF GD months before September 1st is trading all this month with the 5th letter E in their ticker symbol.
As far as what constitutes compliance?
From the OTC BB web site, typical Questions and Answers:
otcbb.com
Q4 Is an issue eligible for quotation on the OTCBB once the company's Form 10 or Form 10SB is effective (which by rule occurs after 60 days)?
A4 No. As far as the eligibility requirements for quotation on the OTCBB, the operative date is not the effective date, but the date the SEC staff comes to a position of no further comment as it relates to the Form 10 or Form 10SB.
Note that in the above question, the questioner was asking if all the company had to do was file 60 days early to stay on the BB. And the answer was NO. Not until the SEC and only the SEC are done with their work and "no further comment" is issued from the SEC, can a company pass NASD muster.
I am sure there are companies out there that think all they have to do is file the 10 by the deadline date and they will be home free. They will find out the hard way.
TG |
