Thank you for reminding us and CEO Bret -and hopefully both of Brets lawyer brothers are aware of all this also
I earlier posted the actual application required for no info and limited info companies to apply for pink current status as is required by the new (amended) SEC rule 15c2-11
https://www.otcmarkets.com/corporate-services/fee-schedule
Companies pay ca 150-185k year for the privilege of being listed on one of the USA big boards
The OTCQX fee is 23k and the OTCQX fee is 14k (or 7500 on a semi-annual basis for total of 15k/yr)
Pink Companies: will pay $5,500 or $3,500 Semi-annual for the OTC DISCLOSURE AND NEWS SERVICE- which is what otcmarkets.com calls filing of reports onotcmarkets.com site for public consumption by investors so investors have transparent info to aid their decisions (otcmarkets.com is a publicly traded co-last I looked 40-50%of their income comes from such filing fees)
plus i think there is a separate application fee of 5500
the last I knew the otcmarkets.com filing fees ( OTC Disclosure & News Service) for a limited info co were 3000/year (about 7 years ago)
no separate fee schedule is listed for 'limited info' co's in this fee schedule because the 'limited info' and 'no info' classifications (like NNLX which is presently 'no info' class) are essentially being eliminated!!!!!.
This is a major change which has been coming for many years as forces have been working for many years to eliminate companies which are not fully transparent (the PR term they use as a catchall to hide behind for political reasons for nobody can argue against transparency except for the cost exacted by otc etc for such - a cost which many co's found unaffordable - but the rebuttal argument is if they cant afford to be public they should not be public
Any such companies who dont provide info sufficient to qualify such companies as 'pink current' will no longer have quotes published- which is what currently happens to 'grey' stock classification stocks-which are usually very illiquid. In grey stocks you have to just set your stock order boldly- not knowing what the hidden bids and asks are etc.
and worse-unless an exception is made for accredited investors -will such stocks be tradeable at all? - the intent is that they not be tradeable .
the SEC's apparent intent is to prevent such companies from trading at all. otcmarkets -earlier in the rulemaking process -said it had suggested to the SEC that accredited investors be allowed to continue trading such stocks and receiving quotes so they could trade such stocks - but nothing has been said about that in the last monthly updates-which leads me to believe such an exception is not being seriously considered
so its very possible such stocks become untradeable- the various stock agencies implemented methods mostly without warning which hindered the free trading of thousands of stocks from ca 2010 -2014 or so - a trial run which destroyed untold thousands of longs in a reverse robinhood scheme imo which makes watergate look like a little girls afternoon tea party- but in the present political climate there is no accountability for such things-the stock market is essentially outside the rule of law- as astonished onlookers and traders discovered from 2010 forward
Finally, in a June update, which i posted in the board info section, NNLX provided a couple sentences apparently addressing this -saying NNLX would be voluntarily making some filings w the SEC-which was confusing to me .
SEC reporting companies -in the specific trade vernacular -means companies on the OTCQX,OTCQX or a big board.
but NNLX made clear they would not be uplisting -that they would remain a pink company
NNLX does not need to be a SEC reporting co as that term is used in the trade -and doing so would only require a lot more filings than Pink current status requires plus SEC reporting companies are required to have audited financials (10k is audited 10Q's are only reviewed).
the new sec rule also set june 30 as a due date for companies to supply info necessary to qualify as 'current info'-also a trade term
because there are or were over i think a thousand 'no info' and 'limited info' companies (dont want to look it up or i may lose this post to cyberspace) june 30 was a practical date so the agencies concerned would not be inundated by thousands of companies applications and backdated filings for the last year or more
so the proper parties could properly assess whether the supplied backdated an current info was sufficient to comply with the trade term current info defined in the regs
also so the limited number of sec approved attorneys could properly issue letters without working 168 hours /week asserting that the info supplied did meet the trade definition of current info-such letters are required with every quarterly pink current filing.
NNLX has not provided us w any further clarification so we dont know whether NNLX supplied the info by june 30 in order to guarantee enough time for its info to be perused and the agencies to ask for further info they deem necessary
ANNUAL FEE
APPLICATION FEE
OTCQX
$23,000
$5,000
OTCQB
$14,000 or $7,500 Semi-annual
$5,000
OTC Disclosure & News Service
OTCQX and OTCQB Companies: No fee
Pink Companies: $5,500 or $3,500 Semi-annual
-
$1,000 ($2,500 effective 10/1/2021)
Real-Time Level 2 Quotes
OTCQX and OTCQB Companies: No fee
Pink Companies: $3,000
-
Blue Sky Monitoring
OTCQX Companies: No fee
OTCQB Companies: $3,000
-
Virtual Investor Conferences
OTCQX Companies: $1,000
OTCQB Companies: $2,750
Other Companies: $3,950
I earlier posted the actual application required for no info and limited info companies to apply for pink current status as is required by the new (amended) SEC rule 15c2-11
https://www.otcmarkets.com/corporate-services/fee-schedule
Companies pay ca 150-185k year for the privilege of being listed on one of the USA big boards
The OTCQX fee is 23k and the OTCQX fee is 14k (or 7500 on a semi-annual basis for total of 15k/yr)
Pink Companies: will pay $5,500 or $3,500 Semi-annual for the OTC DISCLOSURE AND NEWS SERVICE- which is what otcmarkets.com calls filing of reports onotcmarkets.com site for public consumption by investors so investors have transparent info to aid their decisions (otcmarkets.com is a publicly traded co-last I looked 40-50%of their income comes from such filing fees)
plus i think there is a separate application fee of 5500
the last I knew the otcmarkets.com filing fees ( OTC Disclosure & News Service) for a limited info co were 3000/year (about 7 years ago)
no separate fee schedule is listed for 'limited info' co's in this fee schedule because the 'limited info' and 'no info' classifications (like NNLX which is presently 'no info' class) are essentially being eliminated!!!!!.
This is a major change which has been coming for many years as forces have been working for many years to eliminate companies which are not fully transparent (the PR term they use as a catchall to hide behind for political reasons for nobody can argue against transparency except for the cost exacted by otc etc for such - a cost which many co's found unaffordable - but the rebuttal argument is if they cant afford to be public they should not be public
Any such companies who dont provide info sufficient to qualify such companies as 'pink current' will no longer have quotes published- which is what currently happens to 'grey' stock classification stocks-which are usually very illiquid. In grey stocks you have to just set your stock order boldly- not knowing what the hidden bids and asks are etc.
and worse-unless an exception is made for accredited investors -will such stocks be tradeable at all? - the intent is that they not be tradeable .
the SEC's apparent intent is to prevent such companies from trading at all. otcmarkets -earlier in the rulemaking process -said it had suggested to the SEC that accredited investors be allowed to continue trading such stocks and receiving quotes so they could trade such stocks - but nothing has been said about that in the last monthly updates-which leads me to believe such an exception is not being seriously considered
so its very possible such stocks become untradeable- the various stock agencies implemented methods mostly without warning which hindered the free trading of thousands of stocks from ca 2010 -2014 or so - a trial run which destroyed untold thousands of longs in a reverse robinhood scheme imo which makes watergate look like a little girls afternoon tea party- but in the present political climate there is no accountability for such things-the stock market is essentially outside the rule of law- as astonished onlookers and traders discovered from 2010 forward
Finally, in a June update, which i posted in the board info section, NNLX provided a couple sentences apparently addressing this -saying NNLX would be voluntarily making some filings w the SEC-which was confusing to me .
SEC reporting companies -in the specific trade vernacular -means companies on the OTCQX,OTCQX or a big board.
but NNLX made clear they would not be uplisting -that they would remain a pink company
NNLX does not need to be a SEC reporting co as that term is used in the trade -and doing so would only require a lot more filings than Pink current status requires plus SEC reporting companies are required to have audited financials (10k is audited 10Q's are only reviewed).
the new sec rule also set june 30 as a due date for companies to supply info necessary to qualify as 'current info'-also a trade term
because there are or were over i think a thousand 'no info' and 'limited info' companies (dont want to look it up or i may lose this post to cyberspace) june 30 was a practical date so the agencies concerned would not be inundated by thousands of companies applications and backdated filings for the last year or more
so the proper parties could properly assess whether the supplied backdated an current info was sufficient to comply with the trade term current info defined in the regs
also so the limited number of sec approved attorneys could properly issue letters without working 168 hours /week asserting that the info supplied did meet the trade definition of current info-such letters are required with every quarterly pink current filing.
NNLX has not provided us w any further clarification so we dont know whether NNLX supplied the info by june 30 in order to guarantee enough time for its info to be perused and the agencies to ask for further info they deem necessary
ANNUAL FEE
APPLICATION FEE
OTCQX
$23,000
$5,000
OTCQB
$14,000 or $7,500 Semi-annual
$5,000
OTC Disclosure & News Service
OTCQX and OTCQB Companies: No fee
Pink Companies: $5,500 or $3,500 Semi-annual
-
$1,000 ($2,500 effective 10/1/2021)
Real-Time Level 2 Quotes
OTCQX and OTCQB Companies: No fee
Pink Companies: $3,000
-
Blue Sky Monitoring
OTCQX Companies: No fee
OTCQB Companies: $3,000
-
Virtual Investor Conferences
OTCQX Companies: $1,000
OTCQB Companies: $2,750
Other Companies: $3,950
