That is correct but there are other avenues as well, this is one of them
Yes, an over-the-counter (OTC) market company that merges with a private company can uplist to the Nasdaq, but it depends on several factors:
Change of control
Nasdaq considers whether the merger resulted in a change of control, which can be determined by looking at factors like ownership, management, and voting power. Currently being completed
Reverse merger rule
If the merger is between a private operating company and a public shell company, the company must meet additional requirements, including trading its stock for at least six months after the merger. This is not an issue because Affluence is not a shell and it has traded for the required time period
Seasoning period
The company must complete a one-year seasoning period, trading on a regulated exchange or in the U.S. over-the-counter market. Already qualify
Share price
The company must maintain a minimum share price for at least 30 of the 60 trading days before the listing application. This would be the stepping block, but if the merger does happen getting to the minimum Bid price would be done either by trading as it is now or by a reverse split
Other requirements for uplisting to the Nasdaq include:
Submitting an application with enough time for Nasdaq to review it before the transaction is complete Not an issue
Paying a $25,000 application fee not an issue
Providing corporate governance certification Not a problem
All of this will not happen over night, its a process but its a hell of a lot faster then the standard up listing requirements you listed. Those are for a standard up listing by a current Pinksheet comany that does not do a Reverse Merger
No one is going to balk at a Reverse Split if they are going to own shares in a company that will leave the Pinksheets and move to the Nasdaq where the sky is the limit. A RS and staying on the OTC is what investors do not want to be a part of
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