Just an FYI…
Again, and I sure hope I'm wrong, I don't see and an S1 approval until mid to late 2021.
I read S1 three times and it overly complicated which will create many comments and questions from the SEC, many of which are probably working from home!
"S-1 is for an offering of securities to be sold to the public (can be initial or secondary). A Form 10 is for spin-offs, securities that will be distributed to existing shareholders."
"Following the filing of an S-1 Registration Statement, the SEC completes its review and sends comments to the company regarding the disclosures, The company is then required to file an amendment to the initial S-1 Registration Statement, that includes a response letter to the SEC’s comments. The SEC will then review the amended Registration Statement and response letter and will furnish the company with additional comments if necessary. This can be a lengthy process which can continue until the SEC is satisfied that its disclosure requirements are fulfilled."
"SEC response times to the registration statement vary depending on a number of factors including the complexity of the specific filing and state of the market at the time of the filing, among other factors. However, the SEC has reported that its goal is to respond to the initial Registration Statement within 4 weeks. Once the SEC declares the Form S-1 effective, the company can complete its going public transaction by filing a Form 211 with FINRA to seek a stock ticker symbol."
THIS IS VERY IMPORTANT...." Unlike a registration statement on Form 10, Form S-1 creates unrestricted shares. As such, with the proper structure, the Company can meet FINRA’s requirements. Companies not qualifying for a stock exchange often elect to go public on the OTC Markets OTCQB or OTCQX."
