Zeros, yes, thank you for pointing out that correction. I was confusing RFMK with another stock I have been analyzing recently which had a FYE at the end of March. RFMK does indeed have it's Fiscal Year End on the last day of each year so as for the reporting requirements, the OTC markets will only begin to enforce the new modifications to those existing companies on the OTCQB by way of their statement in the compliance notice,
"OTC Markets will roll out the new procedures for
OTCQB over the course of a year. Each company
will be required to comply with the new OTCQB
procedures 120 days after its Fiscal Year End"
However, this is just for the new procedures regarding reporting requirements.
As for the bid requirement for existing OTCQB stocks, the FYE does not matter. They will begin enforcing the minimum bid requirement ($0.01) starting May 1 2014.
"Beginning May 1, 2014:
Bid Test: All current OTCQB companies that
do not meet the minimum bid test (minimum
bid price of $0.01 per share as of the close of
business for at least one of the previous thirty
consecutive calendar days) will be removed
from OTCQB beginning May 1"
So by the way the new requirements and timing of enforcement are outlined, it appears that the new bid requirement will be RFMK's first hurdle to overcome (May 1). So in conclusion it seems you corrected my erroneous FYE date but I must correct your assumption that RFMK has over a year to "get its stock price up over a penny". I believe that management has a year or so to continue to comply with OTC Markets reporting requirements but as for the bid requirement, I think once May 1 2014 rolls around the bid test will be in effect which means that the prior 30 days of trading are scrutinized such that there needs to be at least one day with a bid of at least $0.01 at the close of session, and then from then on the 30 day window continues to be 30 days in the past from the current day. That is how I interpret the OTC notice but wrong I could be. I guess in a couple weeks we will see what happens. IMO it would be a shame for RFMK to lose it's QB tier just because of a bid requirement but like most of the ongoing new policy adjustments, the changes are just band-aids and typically do not work as intended, meanwhile the real massive holes in the regulations involve the small fines hundreds of firms pay each month for breaking SEC regulations in regard to not fully reporting short sale figures, which is typically a way for the firms to get away with manipulating stock prices with naked short sales and failures to deliver, cellar-boxing and kiting using ex-clearing arrangements. It is a dark cesspool in the OTC scum swamp land and the SEC/FINRA and now the OTC Markets are doing absolutely nothing to actually rectify the issues. All just my own opinions.
GLTA
$RFMK
"OTC Markets will roll out the new procedures for
OTCQB over the course of a year. Each company
will be required to comply with the new OTCQB
procedures 120 days after its Fiscal Year End"
However, this is just for the new procedures regarding reporting requirements.
As for the bid requirement for existing OTCQB stocks, the FYE does not matter. They will begin enforcing the minimum bid requirement ($0.01) starting May 1 2014.
"Beginning May 1, 2014:
Bid Test: All current OTCQB companies that
do not meet the minimum bid test (minimum
bid price of $0.01 per share as of the close of
business for at least one of the previous thirty
consecutive calendar days) will be removed
from OTCQB beginning May 1"
So by the way the new requirements and timing of enforcement are outlined, it appears that the new bid requirement will be RFMK's first hurdle to overcome (May 1). So in conclusion it seems you corrected my erroneous FYE date but I must correct your assumption that RFMK has over a year to "get its stock price up over a penny". I believe that management has a year or so to continue to comply with OTC Markets reporting requirements but as for the bid requirement, I think once May 1 2014 rolls around the bid test will be in effect which means that the prior 30 days of trading are scrutinized such that there needs to be at least one day with a bid of at least $0.01 at the close of session, and then from then on the 30 day window continues to be 30 days in the past from the current day. That is how I interpret the OTC notice but wrong I could be. I guess in a couple weeks we will see what happens. IMO it would be a shame for RFMK to lose it's QB tier just because of a bid requirement but like most of the ongoing new policy adjustments, the changes are just band-aids and typically do not work as intended, meanwhile the real massive holes in the regulations involve the small fines hundreds of firms pay each month for breaking SEC regulations in regard to not fully reporting short sale figures, which is typically a way for the firms to get away with manipulating stock prices with naked short sales and failures to deliver, cellar-boxing and kiting using ex-clearing arrangements. It is a dark cesspool in the OTC scum swamp land and the SEC/FINRA and now the OTC Markets are doing absolutely nothing to actually rectify the issues. All just my own opinions.
GLTA
$RFMK
