Pink sheets are listings for stocks that trade over-the-counter (OTC) in the U.S. rather than on a major stock exchange. Satisfy all of the eligibility requirements for OTCQX U.S. set forth above; Have (i) At least (a) 500,000 publicly held shares; and (b) $1 million in market value of publicly held shares; and (ii) at least (a) $500,000 in net income (in the latest fiscal year or in two of the last three fiscal years); or (b) $2.5 million in stockholders’ equity; or (c) $35 million in market value of listed securities; Have a minimum of 100 beneficial shareholders owning at least one round lot (100 shares) each; Have a minimum bid price of $1.00 per share for its common stock as of the close of business on each of the 30 consecutive calendar days immediately preceding the Company’s application for OTCQX. International companies must follow initial disclosure with a PAL Letter of Introduction. The OTCQB is recognized by the United States Securities and Exchange Commission as an “established public market” and is a leading market for U.S. and international companies in the entrepreneurial and development stage. Requirements for Ongoing Qualification for Quotation on the OTCQX. OTC Markets publishes a list of pre-approved DADs. The following minimum disclosure is required to maintain Current Information status: In addition, to maintain Current information status, a company must subscribe to the OTC Disclosure & News Service with an annual fee of $4,200 and a one-time set-up fee of $500. As with exchange-traded securities, investors trading OTC securities are protected from an unethical broker-dealer’s illegal practices by the same SEC/FINRA rules such as best execution, limit order protection, firm quotes, and short position disclosure. Venture markets need to be different from traditional stock exchanges. The OTCQB is recognized by the Securities and Exchange Commission as an established public market providing public information for analysis and value of securities. “Trading on the OTCQB is an extension to our capital markets strategy and an important step to increase investor awareness in the Corporation. OTCQB markets to raise capital and provide investors with liquidity options. Most recently, the OTCQB Venture Market in the U.S. currently provides over 850 entrepreneurial companies a gateway to public markets and an opportunity to electronically connect with investors. A DAD’s primary role is to provide advice and guidance to a Company in meeting its OTCQX obligations. In addition to the same requirements for all issuers as set forth above, foreign issuers must be listed on a Qualified Foreign Exchange and be compliant with SEC Rule 12g3-2(b). In addition, OTC Markets Group may remove the company’s securities from trading on OTCQX immediately and at any time, without notice, if OTC Markets Group, upon its sole and absolute discretion, believes the continued inclusion of the company’s securities would impair the reputation or integrity of OTC Markets Group or be detrimental to the interests of investors. The company was first established in 1913 as the National Quotation Bureau (NQB). Joe Byrne Emergence Global Enterprises Inc. +1 519-257-0460 [email protected] However, they are still mainly considered to be speculative penny stocks. In order for regulated broker-dealers and investment advisors to be able to recommend, solicit or even discuss a security with investors in any of the 50 states or 4 U.S. territories, the security must comply with the blue sky laws of the state in which the investor resides. More Definitions of OTCQB OTCQB means a tier of the over-the-counter stock market of OTC Markets Group, Inc. Sixty-one companies graduated from the OTCQX, OTCQB and Pink markets to a national securities exchange in 2017, 46 of which came from the OTCQX and OTCQB markets. Measure ad performance. Companies labeled as Other OTC or Grey Market are delineated by a grey yield sign. A number of US states have designated that all exchanges registered with the US Securities Commission as a “national securities exchange” are recognized in that state. An over-the-counter (OTC) equity security is generally considered to be any equity security that is not an NMS stock traded on a national securities exchange. If there has been no prior public market for the company’s securities in the S., FINRA must have approved a Form 211 with a minimum bid price of $0.25 or greater. All international companies that are quoted on the OTCQX must submit an application and pay an application fee. While labeled with a skull and crossbones, a company that does not have Current Information or is not on the OTCQB will have its quote blocked on the OTC Markets website. In addition, OTC Markets can temporarily suspend trading on the OTCQX pending investigation or further due diligence review. OTCQX enables global companies to better access support U.S. investors and distribute information in the U.S. public markets without the complexity and cost of an U.S. exchange listing. Companies with Limited Information status on OTC Markets are delineated by a “yield” sign and post some financial and basic information on the company on the OTC Markets website, but either do not report to the SEC or do not include enough information to satisfy the Current Information requirements. The OTCQX and the OTCQB markets offer Canadian and other foreign companies an alternative to traditional stock exchange listings in the United States. This blog provides a summary of the listing requirements for each level of quotation on OTC Markets. LawCast- OTC Markets Listing Requirements- OTC Markets divide issuers into three (3) levels of quotation marketplaces: OTCQX, OTCQB and OTC Pink. If subject to the Exchange Act reporting requirements, compliance with such reporting requirements will satisfy the financial reporting requirements for Current Information; If not subject to the Exchange Act reporting requirements, a company must post annual financial statements, including a balance sheet, income statement, statement of cash flows and notes to financial statements, for the previous two fiscal years or from inception if the company is less than two years old, which annual report must be filed within 90 days of fiscal year end; If financial statements are audited, the auditor report must be posted (audited financial statements are not required); If the company’s financial statements are not audited, an annual Attorney Letter and Attorney Letter Agreement must be posted within 120 days of fiscal year end; If not subject to the Exchange Act reporting requirements, a company must post quarterly financial statements within 45 days of the end of each fiscal quarter; The company profile page on OTC Markets must be current and accurate; File annual and quarterly reports with narrative information and CEO and CFO certifications that track SEC Rule 15c2-11 disclosures and can be completed using a fillable form available through OTC Markets; A company must file a Form 8-K if SEC reporting or submit a news release within 4 days of any of the following: Entry or Termination of a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Including but not Limited to Mergers, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of an Issuer, Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement, Costs Associated with Exit or Disposal Activities, Material Modification to Rights of Security Holders, Changes in Issuer’s Certifying Accountant, Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review, Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers, Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year, Amendments to the Issuer’s Code of Ethics, or Waiver of a Provision of the Code of Ethics, Other events the issuer considers to be of importance. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video. The OTCQB replaced the Financial Industry Regulatory Authority (FINRA)-operated OTC Bulletin Board (OTCBB) as the main market for trading OTC securities that report to a U.S. regulator. A Company may appoint a new DAD at any time, provided that the Company retains an approved DAD at all times. Be included in a Recognized Securities Manual or be subject to the reporting requirements of the Exchange Act. Confirmation that the Company is current in its SEC reporting obligations and has filed all reports with the SEC, that all financial statements have been prepared in accordance with U.S. GAAP, and that the auditor opinion is not adverse, disclaimed or qualified; International Companies –  (i) Companies subject to the Exchange Act reporting requirements must be current in such reports; (ii) A company that is not an SEC Reporting Company must be current and fully compliant in its obligations under Exchange Act Rule 12g3-2(b), if applicable, and shall have posted in English through the OTC Disclosure & News Service or an Integrated Newswire, the information required to be made publicly available pursuant to Exchange Act Rule 12g3-2(b) for the preceding 24 months (or from inception if less than 24 months); and all financial statements have been prepared in accordance with U.S. GAAP and that the auditor opinion is not adverse, disclaimed or qualified; Verification that the Company profile is current, complete and accurate; The company’s reporting standing (i.e., whether SEC reporting, bank reporting or international reporting) and briefly describing the registration status of the company; If the Company is an International Company and relying on 12g3-2(b), that it is current in such obligations; That the company is current in its reporting obligations to its regulator and that such information is available either on EDGAR or the OTC Markets website; States the law firm and/or attorneys that assist the company in preparing its annual report or 10-K; Confirms that the company profile on the OTC Markets website is current and complete; Identifies any third-party providers engaged by the Company, its officers, directors or controlling shareholders, during the prior fiscal year and up to the date of the certification, to provide investor relations services, public relations services, stock promotion services or related services; Confirms the total shares authorized, outstanding and in the public float as of that date; and. The other OTC tiers are the highest quality OTCQX, and the most speculative Pink Sheets. Companies with Current Information status on OTC Markets include both companies that are subject to and current in their SEC Exchange Act reporting requirements and companies that file current information on OTC Markets in accordance with their Alternative Reporting Standards. Herzliya, Israel and Calgary, Alberta--(Newsfile Corp. - May 6, 2021) - Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (the "Company" or "Innocan") is pleased to announce that it is currently trading on the OTCQB Venture Market and is eligible for electronic clearing and settlement through The Depository Trust Company ("DTC") in the United … A Company must supplement and update any changes to the initial disclosure within 30 days of acceptance of its application for quotation. Submit an OTCQB Annual Certification confirming the accuracy of the current company profile and providing information on officers, directors and controlling shareholders. Banks must remain current in their banking reporting requirements; All OTC Markets posting and reports must be timely filed 45 days following the end of a quarter or 90 days following the end of the fiscal year for US issuers and as soon as practicable but no later than 6 months following the end of the fiscal year end  or 60 days following the end of a quarter for International companies; where applicable, file a notice of late filing allowing for 5 extra days on a quarterly report and 15 extra days on an annual report; All OTCQB companies will be required to post annual certifications on the OTC Markets website; All companies are required to comply with all federal, state, and international securities laws and must cooperate with all securities regulatory agencies; All companies must respond to OTC Markets inquiries and requests; All companies must maintain an updated company profile on the OTC Markets website and must submit a Company Update Form at least once every six months; All Companies must file interim disclosures in the event the Company undergoes a reverse merger or change of control and make new updated certifications and disclosure related to the new business and control persons; All OTCQB companies must meet the minimum bid price of $.01 per share at the close of business of at least one of the previous thirty (30) consecutive calendar days; in the event that the price falls below $.01, the company will begin a grace period of 180 calendar days to maintain a closing bid price of $.01 for ten consecutive trading days; Use an SEC registered transfer agent and authorize the transfer agent to provide information to OTC Markets about the Company securities, including but not limited to, shares authorized, shares issued and outstanding, and share issuance history. OTCQB Listing Requirements, OTCQB Securities Attorneys, OTCQB Lawyers, OTCQB Listing Standards, To be eligible to be quoted on the OTCQB, all companies will be required to: Meet a minimum closing bid price on OTC Markets of $.01 for each of the last 30 calendar days In the event that there is no prior public market and a 15c2-11 application has been submitted to … The application consists of (i) OTCQX application for international companies; (ii) the contractual agreement with OTCQX for international companies; (ii) the OTCQX application fee; (iv) the OTCQX Agreement for international companies; (v) an application for the international company’s desired PAL if such PAL is not already pre-qualified; (vi) an appointment form for the DAD/PAL; and (vii) a copy of the company’s logo in encapsulated postscript (EPS) format. In addition to providing advice and counsel to a Company, a DAD is required to conduct investigations to confirm disclosures. Exemption to Reporting Requirements for International Issuers. OTC Markets may require additional conditions or undertakings prior to admission. OTCQB. Quotation is available for American Depository Receipts (ADR’s) or foreign ordinary securities of companies traded on a Qualifying Foreign Stock Exchange, and an expedited application process is available for such companies. International issuers on the OTCQB must either be fully reporting and current in their SEC reporting obligations or qualify for the Rule 12g3-2(b) exemption from SEC registration for foreign private issuers. Names and shareholdings of all officers and directors and shareholders that beneficially own 5% or more of the total outstanding shares, including beneficial ownership of entity shareholders. All PAL’s must be approved by OTC Markets Group. Stocks trading in the OTCQB have many of the same protections as more established, larger stocks. OTC Link enables broker-dealers to not only post and disseminate their quotes, but also negotiate trades through the system’s electronic messaging capability. In the event that the minimum bid price for the Company’s common stock falls below $1.00 per share at the close of business for thirty consecutive calendar days, a grace period of 180 calendar days to regain compliance shall begin, during which the minimum bid price for the Company’s common stock at the close of business must be $1.00 for ten consecutive trading days. In the event that the minimum bid price for the Company’s common stock falls below $0.10 per share at the close of business for thirty consecutive calendar days, a grace period of 180 calendar days to regain compliance shall begin, during which the minimum bid price for the Company’s common stock at the close of business must be $0.10 for ten consecutive trading days; To remain eligible for trading on the OTCQX U.S. Premier tier, the Company’s common stock must have a minimum bid price of $1.00 per share as of the close of business for at least one of every thirty consecutive calendar days. SEC Awards More Than $28 Million to Whistleblower Who Aided SEC and Other Agency Actions-, Bitcoin Fluctuates Around $40,000 as Musk-Fueled Rally Collapses-, Back Market Raises $335 Million To Grow Refurbished Gadget Marketplace-. Maintain quarterly and annual reports that are no older than 6 months and that include a balance sheet, income statement and total number of issued and outstanding shares; Financial statements must be prepared in accordance with GAAP; and. Officers and directors of the company are responsible for compliance and are solely responsible for the content of information; Compliance with Laws – OTCQX quoted companies must maintain compliance with applicable securities laws of their country of domicile and applicable U.S. federal and state securities laws. Securities quoted on the OTCBB include domestic, foreign and American depository receipts (ADRs). There are no qualitative standards beyond disclosure for OTC Pink companies, which include companies in all stages of development as well as shell and blank check entities. In addition, OTC Markets Group may remove the company’s securities from trading on OTCQB immediately and at any time, without notice, if OTC Markets Group, upon its sole and absolute discretion, believes the continued inclusion of the company’s securities would impair the reputation or integrity of OTC Markets Group or be detrimental to the interests of investors. Recognized as an exchange by the Ontario Securities Commission in 2004, the CSE facilitates the capital formation process for public companies through a streamlined approach to company regulation that emphasizes disclosure and the … OTCQX is the top tier of the three marketplaces for trading over-the-counter stocks provided and operated by the OTC Markets Group. Apply market research to generate audience insights. There are currently twenty-five securities exchanges registered with the SEC under Section 6(a) of the Securities and Exchange Act of 1933 as national securities exchanges: Companies with a freely traded Public Float of at least 5% (and $2 million in market value of public float), or a separate class of securities traded on a national exchange may apply for an exemption (see OTCQB Standards) Have a transfer agent that participates in the Transfer Agent Verified Share Program (US Companies only) Have $2 million in total assets as of the most recent annual or quarter end; As of the most recent fiscal year end have at least one of the following: (i) $2 million in revenues; (ii) $1 million in net tangible assets; (iii) $500,000 in net income; or (iv) $5 million in market value of publicly traded securities; Meet one of the following penny stock exemptions under Rule 3a51-1 of the Exchange Act: (i) have a bid price of $5 or more; or (ii) have net tangible assets of $2 million if the Company has been in continuous operation for at least three years, or $5,000,000 if the Company has been in continuous operation for less than three years which qualification can be satisfied as of the end of a fiscal period or as a result of an interim capital raise; or (iii) have average revenue of at least $6,000,000 for the last three years; Not be a blank check or shell company as defined by the Securities Act of 1933 (“Securities Act”); Not be in bankruptcy or reorganization proceedings; Be in good standing in its state of incorporation and in each state in which it conducts business; Have a minimum of 50 beneficial shareholders owning at least one round lot (100 shares) each; Be quoted by a market maker on the OTC Link; Have a minimum bid price of $0.10 per share for its common stock as of the close of business on each of the 30 consecutive calendar days immediately preceding the Company’s application for OTCQX. A number of US states have designated that all exchanges registered with the US Securities Commission as a “national securities exchange” are recognized in that state. If (i) there has been no prior public market for the Company’s securities in the U.S. and (ii) FINRA has approved a Form 211 and (iii) the bid price is equal to or greater than $1.00, then the Company may apply to OTC Markets for an exemption from the 30-day minimum bid price requirements, which exemption is at the sole discretion of OTC Markets. If the company is applying to the OTCQX immediately following a delisting from a national securities exchange, it must have a minimum bid price of at least $0.10. Issuers on the OTCQX must meet specified eligibility requirements. All U.S. companies that are quoted on the OTCQX must submit an application and pay an application fee. Due to the aforementioned complexities of OTC Listing Requirements, experienced legal counsel is necessary to assist Issuers. A company may voluntarily withdraw from the OTCQB with 24 hours’ notice. A company may be removed from the OTCQB if, at any time, it fails to meet the eligibility and continued quotation requirements subject to a 30-day notice and opportunity to address them. OTC Link is registered with the Securities and Exchange Commission (SEC) as a broker-dealer and also as an alternative trading system (ATS). In the event that the Company is a Seasoned Public Issuer (i.e., has been in operation and quoted on either OTC Link, the OTCBB or an exchange for at least one year) that completed a reverse stock split within 6 months prior to applying for admission to OTCQX U.S., the Company must have a minimum bid price of $0.10 per share for its common stock as of the close of business on each of the 5 consecutive trading days immediately preceding the Company’s application for OTCQX, after the reverse split; Have GAAP compliant (i) audited balance sheets as of the end of each of the two most recent fiscal years, or as of a date within 135 days if the Company has been in existence for less than two fiscal years, and audited statements of income, cash flows and changes in stockholders’ equity for each of the fiscal years immediately preceding the date of each such audited balance sheet (or such shorter period as the Company has been in existence), and must include all going concern disclosures including plans for mitigation; and GAAP compliant (ii) unaudited interim financial reports, including a balance sheet as of the end of the Company’s most recent fiscal quarter, and income statements, statements of changes in stockholders’ equity and statements of cash flows for the interim period up to the date of such balance sheet and the comparable period of the preceding fiscal year; and. Article content. A number of these companies ultimately graduate to a national exchange listing. Be subject to the reporting requirements of the Exchange Act. Newly applying entities must pay an initial application fee of $2,500, which fee is waived for existing OTCQB entities. Companies listed here report to a U.S. regulator such as the SEC or FDIC and must follow standards to improve transparency—those who are most likely to be associated with stock promoters and other shady operators will be excluded. Select personalised ads. To be eligible to be quoted on the OTCQB, all companies will be required to: All companies are required to post their initial disclosure on the OTC Markets website and make an initial certification. Use precise geolocation data. Meet a minimum closing bid price on OTC Markets of $.01 for each of the last 30 calendar days; In the event that there is no prior public market and a 15c2-11 application has been submitted to FINRA by a market maker, OTC Markets can waive the bid requirement at its sole discretion; In the event that a Company is a seasoned public issuer that completed a reverse stock split within 6 months prior to applying to the OTCQB, the Company must have a post reverse split minimum bid price of $.01 at the close of business on each of the 5 consecutive trading days immediately before applying to the OTCQB; In the event the Company is moving to the OTCQB from the OTCQX, it must have a minimum closing bid price of $.01 for at least one (1) of the 30 calendar days immediately preceding; Companies may not be subject to bankruptcy or reorganization proceedings the Company’s application; Either be subject to the reporting requirements of the Securities Exchange Act of 1934 and be current in such reporting obligations or, if an international issuer, be eligible to rely on the registration exemption found in Exchange Act Rule 12g-2(b) and be current and compliant in such requirements or be a bank current in its reporting obligations to its bank regulator; Be duly organized, validly existing and in good standing under the laws of each jurisdiction in which it is organized and does business; Submit an application and pay an application and annual fee; Maintain a current and accurate company profile on the OTC Markets website; Use an SEC registered transfer agent and authorize the transfer agent to provide information to OTC Markets about the Company securities, including but not limited to, shares authorized, shares issued and outstanding, and share issuance history; and. The OTCQB has rigorous compliance and quality standards, thus providing investors improved visibility to enhance trading decisions. Quotation is available for American Depository Receipts (ADR's) or foreign ordinary securities of companies traded on a Qualifying Foreign Stock Exchange. Measure content performance. U.S. OTCQB companies will be required to remain current in their SEC reporting obligations. The OTCBB is a regulated quotation service for OTC securities provided by the Financial Industry Regulatory Authority (FINRA) to its members. These securities do not meet the requirements to have a listing on a standard market exchange. There is also no guarantee that stocks trading in the OTC market are of higher quality than penny stocks trading on different OTC tiers or even different OTC marketplaces. The Company is listed on the Canadian Securities Exchange (“CSE”) under the symbol MONT and on the OTCQB under the trading symbol MRRMF. The following minimum disclosure is required to maintain Limited Information status: In addition, to maintain Limited information status, a company must subscribe to the OTC Disclosure & News Service with an annual fee of $4,200 and a one-time set-up fee of $500. Moreover, OTC Markets have the discretionary authority to allow quotation to substantially capitalized acquisition entities that are analogous to SPAC’s. A Company applying to OTCQB with a freely traded Public Float above 5% but below 10% of the total shares issued and outstanding, and a market value of Public Float of at least $2 million, or that has a separate class of securities traded on a national exchange, may apply Companies with a Caveat Emptor designation on OTC Markets are delineated with a skull and crossbones sign. The OTCQB replaced the Financial Industry Regulatory Authority (FINRA)-operated OTC Bulletin Board (OTCBB) as the main market for trading OTC securities that report to a U.S. regulator. To be eligible, companies must be current in their reporting, undergo annual verification and certification, meet a $0.01 bid test, not be in bankruptcy, have at least 50 beneficial shareholders, each owning at least 100 shares, and a public float in excess of 10% of the total shares outstanding—some flexibility is offered with regard to the latter requirement. In addition, Companies must pay an annual non-refundable fee of $15,000. The following is a summary of the ongoing responsibilities for U.S. OTCQX quoted securities: The following is a summary of the ongoing responsibilities for OTCQX International quoted securities: A company may be removed from the OTCQX if, at any time, it fails to meet the eligibility and continued quotation requirements subject to a 30-day notice and opportunity to address them. If (i) there has been no prior public market for the Company’s securities in the U.S. and (ii) FINRA has approved a Form 211, then the Company may apply to OTC Markets for an exemption from the minimum bid price requirements, which exemption is at the sole discretion of OTC Markets. Store and/or access information on a device. OTCQX or the OTCQB through US registered broker-dealers in the same way that similar securities are traded on US national securities exchanges such as the NYSE and NASDAQ. Compliance with Rules – OTCQX quoted companies must maintain compliance with the OTCQX rules including disclosure requirements. A Review of Pink Sheet Stocks and How Investors Can Trade Them, OTC Markets Group Inc. The National Quotation Bureau c… This feature enabled it to effectively replace FINRA’s OTCBB, which was a quotation-only system. Create a personalised ads profile. The application consists of (i) the contractual agreement with OTCQX for quotation; (ii) personal information for each executive officer, director and beneficial owner of 10% or more of the securities, except for companies already traded on a foreign exchange or moving from a recognized U.S. exchange; (iii) designation of the DAD/PAL or application for same; (iv) appointment form for the DAD/PAL; (v) a letter from the Company’s independent auditor affirming their role and qualifications; and (vi) a digital Company logo. OTCQX or OTCQB market, and that are not listed on a U.S. national securities exchange, may find their shares quoted on the Pink market, because broker-dealers are permitted to transact in this market without the involvement of the issuer.

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