Custodianship Change of control finally revealed! Guide for lazy people.
A. Custodianship Process
1) The custodian looks for a dark. defunct and SOS revoked ticker and buys X ammount of shares.
2) The custodian send a letter to the last known management demanding them to comply. They also need reinstate and bring the ticker back to good stading. Certified Mail letter.
3) If the last known management doesnt comply by 15-30days. The Custodian request appointment of custodianship to the court. After the request it takes 30 calendar days for the hearing to grant or denied custodianship. If old management reinstate = denied / if old management dont reinstate or comply = granted
4) After the shell is granted. The custodianship or the new owners proceed to reinstate the shell, paying all the necesary fees.
B. Process of getting otcmarket profile control.
1) The custodianship or the new owners have to pay the TA for the information needed to send the app to otcmarkets. The price varies between TA and years of inactivity (the Co. not playing the TA).
2) After recieving the TA information. They need to send a application to OTC Markets with all the court documents and SOS documments that named the new person owners or custodian of the Ticker.
3) If the application is completed OTC Markets approved that and list the new officers. If the application is missing information, they denied and ask to be resummited.
C. Fillings, News and PRs.
1) After getting control over the OTC Markets profile the new ceo or custodian can proced to file with the otcmarkets.
2) SEC filings and PRs (while rare) can be done without OTC Markets profile control, by summiting proof of control to sec.gov or to the PR agency.