I also wonder once someone figures out how to quickly get companies up and running how long it will take to push thru Form 211’s. It may turn out that this becomes basically a nothing burger if there are some MM’s willing to loosely start sponsoring after they see the money out there available taking on a Free Form 211.
Unless they changed it. Form 211’s have to be filed for free on behalf of the Sponsoring Market Maker but they get exclusivity for a certain time frame routing trades once re listed.