$UMAX According to OTC Markets, Inc., the followin
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Posted On: 01/08/2021 6:35:33 AM
$UMAX According to OTC Markets, Inc., the following items required for OTCQB eligibility (For U.S. Companies): (1) Must have audited financial statements prepared by a PCAOB auditor; (2) meet minimum bid price test of $0.01; (3) not be in bankruptcy; (4) have fifty beneficial shareholders, each owning at least 100 shares; (5) have a freely traded public float of at least 10% of the total issued and outstanding of that security; and (6) have a transfer agent that participates in the Transfer Agent Verified Share Program.
Mr. Fletcher (President and CEO of UMAX) further stated…"Upon the completion of the Audited Financial Statements, UMAX will be able to immediately make the application for listing on the OTCQB as we will meet all of the eligibility requirements set out by OTC Markets, Inc. The preparation of audited financial statements will also enable us to eventually move from our current Alternative Reporting Standard to the SEC Reporting Standard with OTC Markets, Inc. We feel this added transparency of being a fully reporting issuer with the Securities and Exchange Commission ("SEC"
will be a benefit to the current and future shareholders of UMAX. As such, after the preparation of the audited financial statements, UMAX plans on filing a registration statement under the Securities Exchange Act of 1934, as amended, in an effort to register our class of common stock with the SEC which will move us to the SEC Reporting Standard. This current corporate action, along with the previously announced cancellation of 500,000,000 shares of common stock to treasury and lowering our authorized common stock from 1,850,000 to 500,000, will improve our efforts to grow UMAX through significant acquisitions. As stated in a previous press release, as we grow the future business of the Company, we want our public shareholders to understand that we have one goal in mind, to maximize shareholder value."
https://www.otcmarkets.com/stock/UMAX/news/UM...?id=284586
Mr. Fletcher (President and CEO of UMAX) further stated…"Upon the completion of the Audited Financial Statements, UMAX will be able to immediately make the application for listing on the OTCQB as we will meet all of the eligibility requirements set out by OTC Markets, Inc. The preparation of audited financial statements will also enable us to eventually move from our current Alternative Reporting Standard to the SEC Reporting Standard with OTC Markets, Inc. We feel this added transparency of being a fully reporting issuer with the Securities and Exchange Commission ("SEC"
will be a benefit to the current and future shareholders of UMAX. As such, after the preparation of the audited financial statements, UMAX plans on filing a registration statement under the Securities Exchange Act of 1934, as amended, in an effort to register our class of common stock with the SEC which will move us to the SEC Reporting Standard. This current corporate action, along with the previously announced cancellation of 500,000,000 shares of common stock to treasury and lowering our authorized common stock from 1,850,000 to 500,000, will improve our efforts to grow UMAX through significant acquisitions. As stated in a previous press release, as we grow the future business of the Company, we want our public shareholders to understand that we have one goal in mind, to maximize shareholder value." https://www.otcmarkets.com/stock/UMAX/news/UM...?id=284586
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