The claims made are inconsistent and inaccurate. Initially, there’s uncertainty about whether the issue concerns permits or revenues, but this is later stated with certainty. Additionally, the assertion that the bullhorn was removed is false—bullhorn and CE cannot coexist.
Regarding the permit issue, it has been legally addressed in the filings and accepted by the OTC, as permits are not used by the company. However, it appears that there was an illegal and inaccurate release of information concerning "50 hectares," which the company is likely to address. This suggests that the permit issue is effectively closed, except for the confidential informant resolution, which is not supposition but stated by the company.
A dual listing is possible and likely. The company’s long-term plans clearly indicate a move away from the OTC market, which does not require audited filings or $100 million in assets—unlike the NYSE. The auditor's letter in Q2 validated our $100 million in assets and the multiplication commodity contract under UCC law. Revenues are not required for this process, as similar contracts are regularly executed by JP Morgan on the OTC platform.
The JSE has a reciprocity agreement with the NYSE, allowing for trading on both exchanges if qualifications are met. The OTC's CE status has no impact on uplisting, as each exchange performs its own due diligence. TXTM can apply to the JSE, and it may already have approval. The JSE accepts IFRS audits, which our auditor is qualified to conduct. JSE approval is likely in progress, and NYSE listing is entirely achievable, pending the submission of the 2022 audited financials and a Form 10-G.
The Q2 auditor review is crucial, as it allows the company to combine these financials with the 2023 audit results, officially verifying $100 million in assets for the uplisting process and meeting the NYSE listing threshold for assets. This step is vital as we transition towards full SEC compliance, eliminating the need for attorney letters, which, in my opinion, we have seen the last of. We will likely see auditor letters every quarter validating additional injections and asset additions as we move forward.
Finally, concerns about dual listing issues are unfounded, as the company has met all required standards in filings, save the minimum quote price, which, with proper asset valuation, is also attainable in the very near future.
The Article was and remains as the root cause and has yet to be addressed by the company directly in public, or by OTCM at all, but this will likely be resolved soon as if must be by the company due to fudiciary requirements. That's the main reason people are nervous now, when they should be absolutely elated.
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