Here's something more recent...
https://pubcoceo.com/2019/04/15/only-one-inve...n-q1-2019/

Quote:

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Uplisting from the OTC Markets to a senior US exchange, like the NASDAQ or NYSE American, is the goal of many microcap public companies trading on the OTC Markets. About one hundred out of the thousands of issuers listed on the OTC make the jump every year.

To uplist to a senior exchange issuers must meet a series of listing criteria. For microcaps, one of the most common paths to meeting listing criteria is obtaining a minimum level of shareholders equity. MicroCap issuers usually meet the shareholders equity threshold through a registered offering led by one or more investment banks.

In the first quarter of 2019, only one of the eight OTC Graduates worked with an investment bank to complete a significant equity raise in connection with their uplists to senior exchanges.

Below, we look at the issuer and investment bank involved in those funding round.

American Resources Corporation (NASDAQ: AREC)
On February 15, 2019, American Resources Corporation (Nasdaq: AREC) uplisted from the OTCQB to the Nasdaq. American Resources Corporation is a supplier of raw materials to the rapidly growing global infrastructure marketplace.

In connection with the uplisting, AREC competed a $4,600,000 underwritten public offering. Maxim Group LLC acted as the sole book-running manager for the offering .

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It did not end well for them and that was just 7 months ago. AREC is trading at $0.67/share. They obviously were NOT ready to uplist. Although, they were in the highly publicized COAL industry out beloved president says is coming back...lol
https://finance.yahoo.com/quote/AREC?p=AREC&a...in-srch-v1