Officers and directors of the Company are responsible for compliance with the ongoing requirements and the content of all information. OTCQX provides an expedited application process for ADRs and foreign ordinary securities of companies traded on a Qualifying Foreign Stock Exchange. Columbus, Ohio--(Newsfile Corp. - December 9, 2021) - Better For You Wellness, Inc. (OTC Pink: BFYW) ("Better For You Wellness" or the "Company"), an Ohio-based company focused on the rapidly . In general, it takes a company between 6 and 12 months to get listed on the OTC Markets. Companies applying for sale on the OTC also need to show that they are not a penny stock, not a shell company, and not subject to any active reorganization or bankruptcy proceedings that would prohibit listing. Primary Trading Market means that at least 55 percent of the trading in the subject class of securities on a worldwide basis took place in, on or through the facilities of a securities market or markets in a single foreign jurisdiction or in no more than two foreign jurisdictions during the issuers most recently completed fiscal year. All OTCQB companies will be required to pay an annual fee of $10,000. Ryzen 5000 Series, Week 1. Business 101: Adding Extra Value to Convert Leads into Customers (Pt. They are based on the current beliefs of, assumptions made by, and information currently available to the companys management regarding the future of the companys business, future plans and strategies, anticipated events and trends, the economy and other future conditions. View shareholder meeting materials and vote your shares securely. We are extremely proud to have BZWR trading on the OTCQB market, said Rhett Doolittle, CEO of Business Warrior. The Timeline of the Application. James Chen, CMT is an expert trader, investment adviser, and global market strategist. The corporate finance landscape is perpetually changing and our attorneys adapt just as quickly. OTC Markets Group will review the Application and Agreement pursuant to Section 1.4 of these of these OTCQB Standards. International Reporting Companies must have filed, in English, through the, Alternative Reporting Companies must have filed, through the OTC Disclosure & News Service, an information statement prepared in accordance with the OTCQX and OTCQB Disclosure Guidelines, Verified Company Profile. hb```
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What is a Form 10 Registration Statement? For the reverse split, the complexity arises because a reverse split raises numerous legal and business issues. The notice must state the name of the Company, the type of report (Annual, Quarterly or Interim) that is or will be late, the reason why the report is or will be late, and the date that the Company expects to file the report. Our corporate and securities law firm is constantly evolving in order to stay abreast of regulatory changes and trends in the industry. In addition, OTC Markets Group may remove the companys securities from trading onOTCQXimmediately and at any time, without notice, if OTC Markets Group, upon its sole and absolute discretion, believes the continued inclusion of the companys securities would impair the reputation or integrity of OTC Markets Group or be detrimental to the interests of investors. OTC Markets Group Inc. is the owner and operator of the largest U.S. electronic quotation and trading system for over-the-counter (OTC) securities. Investing involves risk, including the possible loss of principal. In order to maintain theRule 12g3-2(b)exemption, the issuer must continue to publish the required information on an ongoing basis and for each fiscal year. The company's OTC stock skyrocketed, gaining 50 percent of market value in the following month. Include the firm and attorney name if outside counsel, or name and title if internal counsel. At least two members of the Board of Directors and a majority of the members of the Audit Committee must satisfy the independence requirement within the later of 90 days after the Company begins trading on OTCQB or the time of the Companys next shareholder meeting. Influencer Marketing: Yay or Nay for Med Spas? 670 0 obj
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Those looking to purchase shares of OTC securities often face higher fees and volatility rates, but selling OTC shares can also be a way for businesses to raise capital. For more information, visit https://businesswarrior.com. Inquiries of a technical nature are always encouraged. The goal of the OTCQB is to help companies build shareholder value by enhancing liquidity and achieving fair valuation. FaithfulAutist 2 yr. ago Ah yeah, I was just saying we'd prolly get like an affirmative update within the next few days here. OTC Markets | Official site of OTCQX, OTCQB and Pink Markets Notification of Resignation or Dismissal of PAL A company must immediately notify OTC Markets in writing of the resignation or dismissal of the PAL for any reason; Payment of Fees a company must pay its annual fees to OTC Markets; Responding to OTC Markets Group Requests OTCQX quoted companies are required to respond to OTC Markets comments and amend filings as necessary in response thereto; Ongoing Disclosure Obligations (i) Companies subject to the Exchange Act reporting requirements must remain current in such reports; (ii) A company that is not an SEC Reporting Company must remain current and fully compliant in its obligations under Exchange Act Rule 12g3-2(b), if applicable, and in any event shall, on an ongoing basis, post 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); (iii) provide a letter to its PAL at least once a year, no later than 210 days after the fiscal year end which states that the company (y) continues to satisfy the OTCQX quotation requirements; and (z) is current and compliant in its obligations under Exchange Act Rule 12g3-2(b) and that the information required under such rule is posted, in English, on the OTC Markets website or that the company is subject to the SEC reporting requirements and is current in such reporting requirements. Investopedia does not include all offers available in the marketplace. 3), Step-by-Step Guide to Creating Audience Avatars for Your Acupuncture Clinic, How to Set an Effective Facebook Ad Budget, Business Warrior Secures $25 Million Equity Line of Credit from Keystone Capital, How to Choose the Best Keywords for Your Holistic Health Clinic, Business Warrior Acquires Award-Winning Marketing Agency, Helix House, How to Ask Your Med Spa Clients for Good Reviews, Business 101: Turning an Online Lead into a Customer (Pt. Where Are The Raptors Playing Tonight, At least one member of the Board of Directors and the Audit Committee must be independent at the time of application. The issuer must not be subject to any Bankruptcy or reorganization proceedings. International Reporting Companies must file, through the OTC Disclosure & News Service, all information, in English, required to be made publicly available pursuant to Exchange Act Rule 12g3-2(b). Law Firm Website: https://www.securitieslawyer101.com. From SMB to Lending Technology: The Business Warrior Journey. Entities that do not meet the requirements of either OTCQX or OTCQB will be quoted on the OTC Pink. Then, they might meet requirements to be traded on the NYSE or NASDAQ down the road. Going Public eBook by Securities Lawyer 101, Going Public Attorney's Guide to Rule 506, Due Diligence & the Going Public Attorney, Why Companies Need a Going Public Attorney. ALL RIGHTS RESERVED. The company must cooperate with any securities regulators, whether in its country of domicile or in the U.S., including self-regulatory organizations; Blue Sky Manual Exemption Companies must either properly qualify for a blue sky manual exemption or be subject to and current in its Exchange Act reporting requirements; Retention and Advice of PAL Companies must have a. 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 Companys 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; Not be in bankruptcy or reorganization proceedings; 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. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. A foreign issuer may not rely on the rule if it is otherwise subject to the Exchange Act reporting requirements. What Is A Confidential Registration Statement? Manage your cap table, view shareholder reports, shareholder meeting voting, transactions, update information securely. Satisfy all of the eligibility requirements for OTCQX International set forth above; As of its most recent fiscal year end, (i) have (a) revenue of U.S. $100 million; (b) global market capitalization of U.S. $500 million, (c) aggregate cash flow for the three preceding years of U.S. $100 million; and (d) minimum cash flow in each of the two preceding years of $25 million; or (ii) have (a) revenue of U.S. $75 million and (b) global market capitalization of $750 million. SEC Reporting Standards: The reporting standard for a Company subject to the reporting obligations under Section 13 or 15(d) of the Exchange Act. A foreign company that is not an SEC Reporting Company must remain current and fully compliant in its obligations under Exchange Act Rule 12g3-2(b), if applicable, and in any event shall, on an ongoing basis, post 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). https://www.otcmarkets.com/research/otcqx-sponsors, FINRA Enforcement of Non-Members and Penny Stock Issuers, Going Public Using a Form S-1 Registration Statement, CF Crowdfunding SEC Reporting Requirements, Coronavirus, SEC Extensions and Disclosures, Crowdfunding During Coronavirus - COVID-19, Form F-1 Registration Statement and Going Public, Form S-1 Registration Statement - SEC Review, Public Company SEC Reporting Requirements, Rule 506(c) Covered Persons and Bad Actors, Section 4(a)(2) Exemption - Private Offerings, Sponsoring Market Maker, Form 211 and Rule 15c-211. The over-the-counter or OTC market is a decentralized market where securities not listed on major exchanges are traded directly by a network of dealers. OTC Markets Group logo. If no attorney assisted in putting together the disclosure, the Company must identify the person or persons who prepared the disclosure and their relationship to the company. Toronto Fc Adidas Men's 2020 Authentic Travel Jacket, If any of the beneficial shareholders are corporate entities, provide the name and address of the person(s) owning or controlling such corporate entities and the resident agents of the corporate entities. 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. What Is Tether Printing, SEC Reporting Companies must file all reports required to be filed on EDGAR. The other OTC tiers are the highest quality OTCQX, and the most speculative Pink Sheets. Cloud-Based SaaS Provider Business Warrior Discusses Corporate Developments and Plans for Growth, Cloud-based SaaS Provider Business Warrior Launches 300% ROI Guaranteed Offer, Cloud-based SaaS provider Business Warriors Next Play PayPlan Enterprise, Business Warrior Announces Uplisting to OTCQB Venture Market, Business Warrior CEO to Present at the Emerging Growth Conference on August 17, 2022. 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 companys desired PAL if such PAL is not already pre-qualified; (vi) an appointment form for theDAD/PAL; and (vii) a copy of the companys logo in encapsulated postscript (EPS) format. Her expertise covers a wide range of accounting, corporate finance, taxes, lending, and personal finance areas. Exchange Act Rule 12g3-2(b) permits foreign private issuers to have their equity securities traded on the U.S. over-the-counter market without registration underSection 12of the Exchange Act (and therefore without being subject to the Exchange Act reporting requirements). and Comments (RSS). The fee for listing on OTCQB markets is $14,000 per annum, with a one-time application fee of $5,000. Call (561) 416-8956. Generally, it takes one business day after compliance is verified. These companies are often looking to expand, and increase market share. A company incorporated in the U.S. or Canada must assign a registered. The limits are lower for the other OTC markets. Refuse the application if it determines, in its sole and absolute discretion, that the admission of the Companys securities for trading on OTCQB would be likely to impair the reputation or integrity of OTC Markets Group or be detrimental to the interests of investors. The OTCBB was a regulated quotation service for OTC securities provided by the Financial Industry Regulatory Authority (FINRA) to its members. The issuer must not be duly organized, validly existing and in good standing under the laws of each jurisdiction in which the Company is organized or does business. Delisted From a Major Exchange When a company faces tough times and is unable to meet the requirements for continued listing on. Based on available information, the OTCQB Sponsor has a reasonable belief that the Company is in compliance with Exchange Act Rule 12g3-2(b) or, if the Company is not in compliance with Exchange Act Rule 12g3-2(b), the OTCQB Sponsor has a reasonable belief that the Company is not required to register under Exchange Act Section 12(g) and is current and fully compliant with the obligations of a Company relying on the exemption from registration provided by Exchange Act Rule 12g3-2(b).
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