Newron Sport (NSPT)

[Midwestrader]

Looking again it means by June 30th that Corporations filing by the Alternative method--which I think most OTC stocks do because it's much simpler and much cheaper they must apply by 6/30 to be able to get the access codes to upload financials--OTCIQ.

Some might already have the uploading codes but if they've let their reporting of financials slip then the need to re-apply all over again by June 30th or they'll never be able to upload fins by 9/28.

IMO SSM should already have applied for those codes months ago at the least. Maybe someone on here knows when they started business.

Compliance with the majority of the rule’s requirements, including that all quoted companies have current information in order to remain 211 eligible, is slated for September 28, 2021. For companies that are Alternatively Reporting or intend to be Alternatively Reporting to OTC Markets, the ability to upload information requires access to the OTC Markets OTCIQ system. A company must apply to OTC Markets in order to gain access to the OTCIQ system (and thus publish current information on OTC Markets). If a company has been inactive for a period of time, or if a company goes through a change of control, a new OTCIQ application must be submitted.

Access to the OTCIQ system is the first barrier to entry for companies that wish to publish current information in compliance with the 211 rules, using the Alternative Reporting Standard. OTC Markets is inundated with such applications and has publicly announced that if an application is not submitted before June 30, 2021, it will not be processed in time to allow a company to access the system to upload current information prior to the September 28th deadline. Upon submitting an application, the current processing time is approximately 12 weeks.

Unlike obtaining EDGAR filing codes from the SEC, access to the OTCIQ system involves a merit review. The application itself requires the disclosure of all officers, directors and 5% or greater shareholders and the submittal of a background check authorization form for each. If there is negative history, either actual or reputational, related to any of the people listed on the form, OTC Markets has the authority to, and will likely, deny the application.