Form 211 Update:
After ALOT of digging and phone calls I was finally able to speak with the person at Glendale Securities who is handling the Form 211 for SOLI.
Here is what I know:
- He has been handling 211's for over 12 years.
- Has processed approximately 1000 211's in that 12 years.
- EVERY 211 he has submitted has been accepted.
- He always screens the company thoroughly first before sponsoring that company. That is why the 100% success rate.
- The 211 process takes at least month and could take up to a year to complete.
- About 30% of 211's are accepted after the first round of questions from FINRA.(only one 211 has ever been accepted without questions).
- About 70% of the 211's go to at least round two of questions.
- With each round of questions, FINRA's response time is usually shorter (it makes sense that it takes FINRA the most amount of time to review the initial package and submit questions. And then it is quicker to review the answers and get back if there are follow-on questions).
- It is much better if a company is fully audited ( like SOLI ).
- So far FINRA has submitted a first round of questions and Glendale has replied with answers to those questions (replied on 9/10/2019).
- Overall, he was not surprised with the types questions from FRINA and was not alarmed with any of them.
- Glendale is waiting to hear back from FINRA on if there are any follow-up questions ( expect an answer anytime...usually about 2 weeks but FINRA processes things at their own pace with no hard guidelines).
- Once the 211 is accepted, they notify Glendale and we will see a bid on level 2 (and probably an ASK, but we could just see a bid to start). The tier change is a totally separate process with OTC Markets and once accepted, FINRA alerts OTC Markets but we could just see L2 before a tier change.
- Currently we don't see Glendale on the report that lists MM trading volume on SOLI because Glendale doesn't trade Grey Market tickers.
Overall, the person I spoke with was VERY positive.
