Redneck, in looking at the actual Form 211, it does appear to be provided/required by the FINRA, which is the combination of the NASD & the NYSE regulation committee as of July 2007. They are not a governmental entity like the SEC. It is a non-governmental self regulating body for brokers and investors. I called FINRA and spoke to a lady named Rachel, she wasn’t very much help but gave me the number to the SEC. I spoke with a guy named Bob there that substantiated that the SEC did not make the approval for this form but that the form was based on SEC rule 15c2-11. So I am not sure how that “Phil” guy was able to look up the status of the application if the SEC is not involved with the approval. Finally, I spoke with Carmi, at the FINRA compliance desk. He said all he was allowed to say was that the form had been received and that the FINRA is required to respond within 3 days of the initial receipt of the form and within 7 days for all subsequent responses from the MM. He would not tell me when it had been received, if any response was made by the MM, or even who the MM was. Also, FYI he had not heard of “Anwar”. Who knows what is really going on when dealing with all these agencies, all I can tell you is looking at the form, it has 5 parts and is only 6 pages long. It doesn’t seem to be too difficult to submit and according to the below information not too much detail is required either. What we need to know is 1) Who the MM is and why they haven’t responded, and 2) Why management will not respond to phone calls inquiring about the many supposed “conditions” holding up the form. If there are conditions to be met, I don’t see why it is so difficult to respond to them. This form is merely to initiate or resume quotations on the OTCBB, Pink Sheets, or other comparable medium and as I understand, EXBX is already on the pink sheets, correct? Has EXBX possibly ever had any trading suspensions? Anyway, that’s all I have for you right now.
I choose to believe that the Exobox team will have all their ducks in a row and quacking when necessary.
Taken from a law website:
The basic concept behind designing Rule 15c211 was to provide fully reporting public companies an easy way to have their securities quoted on the National Association of Securities Dealers' Over-the-Counter Bulletin Board (NASD OTC/BB). A company intending to obtain a quotation for its securities has only to file in some simple disclosures through form 15c211, commonly known as form 211, with NASD, and once approved, it will be able to trade its stock on the OTC/BB.
Nowadays, going public has become an appealing proposition for most entrepreneurs due the advantages, as attracting more potential investors and more capital, it offers. There are basically two ways for a private company to become a public company, first, is the Initial Public Offering (IPO) method, and second is the reverse merger method. Due to benefits as higher valuation, easier capital formation, inexpensive acquisitions, and lesser costs and risks, most capitalists prefer reverse merger method for going public.
The newly formed public company, which is also a reporting company, must also have a symbol. To obtain the symbol, the company would have to provide an application to the NASD, which requires filling of Form 15c211. Only a market maker who is the member of the NASD can fill Form 15c211.
Although there are no stringent financial requirements to be listed on the OTC/BB, the NASD ensures that the company's affairs are in order, and there are at least 40 to 50 shareholders and sufficient float before approving Form 15c211. The entire process takes about three to six months. Once, NASD approves Form 15c211, the company can have its securities quoted on the NASD OTC/BB.