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Saturday, February 06, 2021 8:39:35 AM
"FINRA does not approve reverse splits, but it does process reverse stock splits as part of its functions related to company corporate actions in the OTC market. OTC companies must submit notice to FINRA 10 days prior to the record/effective date of the corporate action. Once a corporate action submission is successfully processed (which may take longer than 10 days), it will be posted to the OTC Daily List. The Daily List is a place investors can learn about reverse stock splits and other company corporate actions, such as a merger or acquisition, payment of dividends or a company dissolution or liquidation."
There is also an issue of whether the company (TDS) needs to do additional filings based on state law (DE) and the company's articles of incorporation. If someone has insight into that, please share. Sometimes shareholder approval is required, but that's unfortunately a moot point here given Stephenson has control.
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