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Saturday, May 20, 2023 3:36:31 PM
"Market Makers play a critical role in the going public process when compiling information required by Rule 15c-211 and submitting the Form 211. The last step in a going public transaction is for the soon-to-be-public company to locate its sponsoring market maker for its Form 211."
" a market maker must file a Form 211 pursuant to Rule 15c-211 with the Finance Industry Regulatory Authority (“FINRA”)."
"Only a market maker can file a Form 211 with FINRA to obtain a ticker symbol assignment."
What is a Market Maker?
"A market maker is a FINRA registered broker-dealer firm that accepts the risk of holding a certain number of shares of a particular security in order to facilitate trading in that security. ." ( as in a company can't trade on the OTC Markets without a Market Maker to "facilitate trading", you 'Buy From' and 'Sell To' a Market Maker on the OTC not other investors )
Form 211 Exclusivity Period for Sponsoring Market Maker
"For the first 30 days after a ticker assignment in a going public transaction, only the sponsoring market maker who filed the Form 211 can publish quotes of the company’s securities. After he has done so for at least 30 days, other market makers can “piggyback,” publishing their own quotations." ( "piggyback", as in all MMs that want to trade a stock that has already gone through the Sponsoring Form 211 process can freely trade in that stock after the 30 day Exclusive Period without filing a new Form 211 because the stock now has a "Ticker Symbol" and has met the OTC requirements with the Sponsor's 211 Filing )
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