(off topic) Acell:
Thank you for your very kind, albeit undeserved, compliment.
Suffice it to say, it is most appreciated.
It appears that you have the advantage of me with respect to this
Nasdaq vs. OTC bulletin board issue. Further investigation reveals
that the "Nasdaq bulletin board" is, itself, a misnomer.
I checked an authoritative site on the Internet:
stockdetective.com
The information there suggests that all bulletin board stocks
are "over-the-counter"(OTC) stocks, and that, in fact, there
is no such animal as the Nasdaq bulletin board. To quote from
the aforementioned source:
"The OTC Bulletin Board is a regulated quotation service provided by
The Nasdaq Stock Market, Inc. which displays real-time quotes and
last-sale prices for nearly 6,000 companies. These companies are not
a part of The Nasdaq Stock MarketSM, which is also run by The Nasdaq
Stock Market, Inc. Unlike The Nasdaq Stock Market, the OTC Bulletin
Board is not a stock market. Stocks are "quoted" on the OTC Bulletin
Board, they do not "trade" on the OTC Bulletin Board. Also unlike on
The Nasdaq Stock Market, OTC Bulletin Board companies do not have to
meet any quantitative financial requirements. To be quoted, a market
maker, not the company, normally needs to file a Form 211 with the
National Association of Securities Dealers, Inc., OTC Compliance Unit.
OTC Bulletin Board companies do not have to file 10-Ks and 10-Qs
with the SEC, which can make it difficult to find reliable information.
However, some OTC Bulletin Board companies are fully reporting, and
their SEC filings can usually be found in the EDGAR database. But
just because an OTC Bulletin Board company is fully reporting doesn't
mean that it is similar to a Nasdaq company. Besides having listing
requirements, Nasdaq also goes a giant step further and does extensive
background checks on the business and principals of would-be members.
It is not unusual for an OTC Bulletin Board company meeting the
reporting requirements of the SEC as well as the minimum financial
requirements of The Nasdaq Stock Market to be denied a listing due
to questionable or undesirable discoveries in the backgrounds of the
business or persons associated with them."(emphases mine)
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It would seem, therefore, that Nasdaq is but the mechanical provider
of quotations for what are fully over-the-counter stocks on the
"electronic bulletin board." Hence, it would appear that references
to "Nasdaq bulletin board stocks" are not only apocryphal, but also
potentially misleading given that bulletin board stocks have not
been subjected to Nasdaq scrutiny and need not fulfill Nasdaq
financial reporting requirements.
Live and learn.
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