58. This uplist issue is getting more confusing by the hour. It's beyond explaining by the likes of me....I'm NOT referring to an uplisting to NASDAQ or NYSE MKT, but to this:
"Leo will be up-listing from OTC Pink to OTCBB"
Earlier I pointed out to another poster that uplisting to the OTCBB lacked logic. The OTCBB, AS I UNDERSTAND IT, limits market participants to phone trading and doesn't allow for any electronic trading...it is on its way out.
Last year the following news item appeared here for CTIX:
Mon, Sep 23, 2013 12:00 - Cellceutix Corp. (CTIX: OTC Link) - Venue Change - The symbol, CTIX, no longer trades on OTC Link/FINRA BB. As of Mon, Sep 23, 2013, CTIX trades on OTC Link. You may find a complete list of venue changes at otcmarkets.com.
I asked the folks at OTCMarkets "What precipitated this and what is its effect on investors?"
They said:
"This should not have any impact on investors. It indicates that the last broker has pulled away from FINRA’s antiquated OTC Bulletin Board. All the quotes are now being published on OTC Link ATS, our SEC-registered Alternative Trading System.
Recently, brokers have been removing quotes from OTCBB and adding them to OTC Link because our system allows for electronic trading. OTCBB still requires brokers to pick up a phone to execute trades."
That seemed to settle that. From that point forward the company PR's started this way: Cellceutix Corporation (OTCQB: CTIX). Up until OTCMarkets had a policy change fairly recently, OTCQB basically meant that the indicated company was an OTC stock that was an SEC reporting company and that it was current in its SEC filings. Pretty simple. I'm pretty sure the company had to pay for the privilege of being so designated, but I don't remember how much.
Then OTCMarkets began to implement its changes. Their literature included this statement:
"New procedures for OTCQB will be rolled out over the course of the year. Each company will be required to comply with the new OTCQB procedures 120 days following their Fiscal Year End (FYE). Companies that do not comply with the new procedure within the required timeframe will be downgraded to OTC Pink."
Sure enough, 120 days after CTIX's year end of 6/30 it was dropped from OTCQB to OTC Pink Current.
No one knew exactly why at the time. I STILL haven't seen any statement from the company indicating that they allowed it to occur in order to save the fees, although that has evolved somehow into some folks' firm belief.
And that's where it stands. I'm quite certain that there is no intent on anyone's part to "be up-listing from OTC Pink to OTCBB"....that doesn't make any sense. If anything, there might be....MIGHT BE....a reconsideration to restore the OTCQB status. I have NO IDEA whether that might be on someone's mind, but as of this moment that is the only "venue" for which the company can easily qualify.
Finally, to add to the confusion (no need to thank me), there's this statement from the fiscal year ended 6/30/14 10-K, filed on 9/15, which I believe includes both a typo and a mistake:
"The Company’s Common Stock symbol is "CTIX". It was quoted on the OTC Markets Group, Inc.'s (OTCQB), through June 30, 2013. Thereafter and currently the Company's stock quotation coverage is on the FINRA operated OTC Bulletin Board (OTCBB)."
Edit: In reviewing the prior year 10-K it appears that the entire paragraph above was copied and pasted from there in error.
"I ated the purple berries"
