This securities attorney makes even clearer the pa

This securities attorney makes even clearer the particulars of the requirement of OTCMarkets Pink Sheet Current Information tier tickers (e.g., SKTO) to disclose material events.

While Pink Sheets listing requirements are minimal, the OTCMarkets has established specific disclosure requirements for companies quoted on the Pink Sheets Current Information tier.

Issuers must file annual and quarterly disclosures (“Information and Disclosure Statements”) as well as updates in order to maintain their assignment to the Pink Sheets Current tier. Annual reports must be filed no later than 90 days after the end of each fiscal year and quarterly reports must be filed no later than 45 days after the end of each fiscal quarter.

Additionally, the issuer must file current information updates within 10 business days if:

1. any of the information contained in a previously filed Information and Disclosure Statement becomes materially inaccurate or incomplete; and

2. upon the occurrence of certain material events (described below).

Current Reports must be filed within 10 days of any material event affecting the issuer, including:

1. Sales of equity securities;

2. Material modification to rights of security holders;

3. Entry into or termination of a “Material Definitive Agreement” defined as an agreement made outside the ordinary course of business that provides for obligations that are material to and enforceable against the issuer, or rights that are material to the issuer and enforceable by the issuer against one or more other parties to the agreement, in each case whether or not subject to conditions;

4. Completion of acquisition or disposition of assets including, but not limited to mergers and changes in control of the issuer;

5. Creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of an issuer and any triggering events that accelerate or increase a direct financial obligation or an obligation under an off-balance sheet arrangement;

6. Costs associated with exit or disposal activities; material impairments;

7. Changes in issuer’s certifying accountant; non-reliance on previously issued financial statements or a related audit report or completed interim review;

8. Departure of directors or principal officers; election of directors; appointment of principal officers; and

9. Amendments to articles of incorporation or bylaws; change in fiscal year; amendments to the issuer’s code of ethics, or waiver of a provision of the code of ethics.
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