RE:OTC LISTING TOMORROW, then NASDAQ LISTING SOONOTC rules say trading can only commence 40 days after trading starts on another exchange. So for CWEB - we started trading Aug 30.... that makes Oct 8 the actual day trading can take place on OTC exchange.
Did I read this wrong? See below.
OTCQX Rules for International Companies – Requirements OTCQX provides an expedited application process for ADRs and foreign ordinary securities of companies traded on a Qualifying Foreign Stock Exchange.
A. To be eligible to be quoted on the OTCQX International, companies must:
• Have U.S. $2 million in total assets as of the most recent annual or quarter end;
• As of the most recent fiscal year end, have at least one of the following: (i) U.S. $2 million in revenues; (ii) U.S. $1 million in net tangible assets; (iii) U.S. $500,000 in net income; or (iv) U.S. $5 million in global market capitalization;
• Meet one of the following penny stock exemptions under Rule 3a51-1 of the Exchange Act: (i) have a bid price of U.S. $5 or more; or (ii) have net tangible assets of U.S. $2 million if the company has been in continuous operation for at least three years, or U.S. $5,000,000 if the company has been in continuous operation for less than three years; or (iii) have average revenue of at least U.S. $6,000,000 for the last three years;
• 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 company’s securities are listed on a non-U.S. exchange that is not a Qualified Foreign Stock Exchange, then at the company’s 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 company’s 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 company’s 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).
B. To be eligible to be quoted on the OTCQX International Premier, companies must: • Satisfy all of the eligibility requirements for OTCQX International set forth above;
• As of its most recent fiscal year end, (i) have (a) revenue of U.S. $100 million; (b) global market capitalization of U.S. $500 million, (c) aggregate cash flow for the three preceding years of U.S. $100 million; and (d) minimum cash flow in each of the two preceding years of $25 million; or (ii) have (a) revenue of U.S. $75 million and (b) global market capitalization of $750 million.