Consider this while relishing an uplist to NASDAQ:
Post# of 75002
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Posted On: 10/05/2017 1:54:40 PM
Consider this while relishing an uplist to NASDAQ:
The present OTCQB listing is in jeopardy.
The 10K Annual Report for the year ended June 30, 2017 was due 90 days after the end of the fiscal year which would have been Sept. 28, 2017. A Notice of Late Filing (Form NT 10K) was duly filed on that day which gave them an extension of 15 additional days to complete the filing. That means the 10K will be due on Oct.13, 2017. It is my hope that it will be filed timely. Following is an excerpt from the OTCQB listing standards:
"4.1 Removal of OTCQB Companies for Failure to Meet Requirements
1) OTC Markets Group may remove the Company’s securities from trading on the OTCQB market for the Company’s failure to meet the requirements set forth in Section 2 of these OTCQB Standards or any other obligations under these OTCQB Standards, which determination shall be made by OTC Markets Group in its sole and absolute discretion, unless such failure is cured within the time frames set forth below:
a. Filing Delinquency. Companies delinquent in their filings are granted a cure period of 45 calendar days from the original due date set forth in Section 2.2 (2);"
Yet another standard to maintain OTCQB listing is the required .01 pps. The coming dilution, due to the funding package and purported acquisition, will likely challenge that requirement. So, a reverse split may not be for the purpose of uplisting to NASDAQ, but rather to preserve and maintain their OTCQB listing status. They won't want to fall back to pinkie land.
The funding package is desperately needed at this point in order to move forward with plans to reformulate the drinks and redesign their packaging. The vapid sales of current drinks do not provide the revenue necessary to initiate the re-branding efforts.
For now, talk of an uplist is more than premature, at best, and utter pumping speculation at worst.
The present OTCQB listing is in jeopardy.
The 10K Annual Report for the year ended June 30, 2017 was due 90 days after the end of the fiscal year which would have been Sept. 28, 2017. A Notice of Late Filing (Form NT 10K) was duly filed on that day which gave them an extension of 15 additional days to complete the filing. That means the 10K will be due on Oct.13, 2017. It is my hope that it will be filed timely. Following is an excerpt from the OTCQB listing standards:
"4.1 Removal of OTCQB Companies for Failure to Meet Requirements
1) OTC Markets Group may remove the Company’s securities from trading on the OTCQB market for the Company’s failure to meet the requirements set forth in Section 2 of these OTCQB Standards or any other obligations under these OTCQB Standards, which determination shall be made by OTC Markets Group in its sole and absolute discretion, unless such failure is cured within the time frames set forth below:
a. Filing Delinquency. Companies delinquent in their filings are granted a cure period of 45 calendar days from the original due date set forth in Section 2.2 (2);"
Yet another standard to maintain OTCQB listing is the required .01 pps. The coming dilution, due to the funding package and purported acquisition, will likely challenge that requirement. So, a reverse split may not be for the purpose of uplisting to NASDAQ, but rather to preserve and maintain their OTCQB listing status. They won't want to fall back to pinkie land.
The funding package is desperately needed at this point in order to move forward with plans to reformulate the drinks and redesign their packaging. The vapid sales of current drinks do not provide the revenue necessary to initiate the re-branding efforts.
For now, talk of an uplist is more than premature, at best, and utter pumping speculation at worst.
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