Eyecity.com Inc (ICTY)

[pinkslipjunkie]

Yeah, it doesn't sound as easy as a X post to get it done...so far we have an accumulation of X posts for the last 4 months

Removing the "Shell" status on OTC Markets typically requires demonstrating that a company is no longer a "shell company" under the SEC's definition. The SEC defines a shell company as one with no or nominal operations and no or nominal assets (or assets consisting solely of cash or cash equivalents). To have the status removed, a company generally needs to meet the following requirements:

1. Operate a Viable Business
The company must have active business operations, such as generating revenue or conducting meaningful activities in its industry.
Demonstrate operational growth or other business developments that show it is no longer a shell.
2. File Updated Financial Statements
File accurate and up-to-date financial reports that reflect active operations and substantial assets.
Provide audited financial statements if required, especially for OTCQB or OTCQX tiers.
Ensure compliance with GAAP (Generally Accepted Accounting Principles) and disclose material business developments.
3. Provide Sufficient Disclosure
If the company is a reporting issuer under SEC rules, it must file the necessary disclosures via EDGAR (e.g., Forms 10-K, 10-Q, or 8-K).
For non-reporting companies, it must provide detailed information under OTC Markets' Alternative Reporting Standard (ARS), including the Annual Disclosure Statement and Quarterly Reports.
4. Submit a Disclosure Statement
Provide an updated Disclosure Statement (if on the Pink Sheets) under OTC Markets' guidelines. This includes information on:
Business operations.
Share structure.
Management and control.
Material contracts and financial position.
Comply with OTCIQ requirements if relevant.
5. Request a Status Review
OTC Markets will not automatically remove the "Shell" designation. The company must actively request a review once it believes it no longer meets the criteria.
Submit the updated disclosures, financials, and supporting evidence via the OTCIQ platform.
6. Ensure Active Trading
Demonstrate that the company’s securities have active trading, supported by market makers or liquidity.
Additional Notes:
Companies that have restructured through mergers, acquisitions, or new business ventures must clearly disclose and provide documentation proving these changes.
Companies with prior regulatory issues or significant investor warnings (e.g., Caveat Emptor status) may face additional scrutiny.