SEC Form 10 Filings OTCQB Uplist Solution http
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OTCQB Uplist Solution
http://www.secform10.com/sec-form-10
A Form 10-12G Registration Statement (more commonly known as a "Form 10"
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That said, the purpose of a Form 10 is to register a "class" of securities (e.g., common stock, preferred stock, etc). The operative effect of an effective Form 10 Registration Statement is to subject the filer to the reporting requirements of the Exchange Act. Going forward, the filer will be required, among other filings, to file periodic reports on Form 10-Q, Form 10-K and Form 8-K. Moreover, the filer will be subject to the reporting rules regarding proxy rules (Section 14 of the Exchange Act) and ownership - e.g., Forms 3, 4, etc.
The practical value of a Form 10 is primarily found with non-reporting Pink Sheet issuers. By voluntarily availing the issuer to the reporting requirements of the Exchange Act through a Form 10 filing, the issuer, not fully-reporting upon effectiveness, has the capability to "uplist" to the OTC QB or higher. Alternatively, many newly formed corporations will often file Form 10 shells to become what is commonly known as "Form 10 Shells". Form 10 Shells are not "public", but are subject to the Exchange Act reporting obligations. The objective (or value depending on what side you are on) is for the Form 10 Shell to merge with an operating business with the intent to thereafter have a FINRA 15c2-11 filed to obtain a public listing. Grey Sheet and even "Caveat Emptor" securities, provided then can overcome other compliance issues, can at times rely on a Form 10 filing to start trading.
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