JP 3E Holdings Inc (JPTE)

[Kool Aid Man]

FINRA does not approve reverse splits, but it does process them and publishes information about them, particularly for companies trading in the over-the-counter (OTC) market. FINRA's processing function helps keep investors informed, but it does not review or approve a company's decision to conduct a reverse split, according to FINRA.org.

FINRA handles corporate actions for companies that are not listed on major exchanges (like the NYSE or Nasdaq), which are typically OTC companies.

Processing, not Approval:

FINRA processes reverse split announcements, meaning it takes the information from the company and makes it publicly available on its website.

Notice Requirements:

OTC companies must notify FINRA about a reverse split 10 days before the record date, which is the date when the split is officially implemented.

No Review of Compliance:

FINRA does not review the company's business decisions, including whether the reverse split complies with state or federal laws.

Company's Responsibility:

The company is responsible for ensuring that its business decisions, including reverse splits, comply with all applicable laws and regulations.