Pure and simple they didn't have to.
For you Jet Sarbanes/Oxley see below.
But they need to increase authorized shares soon.
Who regulates the Pink Sheets?
Pink Sheets is neither a Securities and Exchange Commission (SEC) Registered Stock Exchange nor a FINRA broker/dealer. Pink Sheets is considered a Non-exclusive Securities Information Processor and an Interdealer Quotation System, for which registration is not required under current securities laws. However, Pink Sheets quotation and trading system is only open to registered broker/dealers and those broker/dealers are subject to FINRA Rules and regulations regarding their conduct and use of the Pink Sheets. Issuers are subject to Federal and State securities laws.
Companies that demonstrate their commitment to investors through enhanced market transparency and timely disclosure, have on-going business operations, and meet Pink OTC Markets’ listing requirements are eligible to list on OTCQX or International OTCQX, the premier OTC market tier. OTCQX is the only highly visible electronic trading venue in the U.S. that does not require Securities and Exchange Commission (SEC) registration.
All other companies are categorized based only on their ability and willingness to provide current disclosure to the market. Pink OTC Markets classifies companies as providing "Current Information," "Limited Information," or "No Information." In addition, companies whose stock is the subject of a spam campaign or other public interest concern are placed into the Caveat Emptor or "Buyer Beware" category. Companies categorized as "Current Information" provide adequate current information in accordance with Pink OTC Markets' guidelines or that are current in their required reports to a regulator, such as the SEC, FDIC, or a qualified exchange. Companies categorized as "Limited Information" have financial reporting problems or are in economic distress that cannot or choose not to provide current disclosure. Companies categorized as "No Information" are dark and defunct companies that do not provide disclosure to the public markets — either to a regulator, an exchange or Pink OTC Markets.
What types of companies are quoted on Pink Sheets?
There are a wide variety of companies quoted on Pink Sheets. There are small companies that cannot or do not wish to meet the listing requirements of the exchanges; there are many large foreign issuers that are listed on an exchange in their home country but traded OTC in the US market (often because their financial statements are not prepared according to GAAP, which is a requirement for US listing); many Pink Sheets companies were formerly listed on an exchange and fell below the required standards for listing; due to the increased compliance costs associated with the Sarbanes/Oxley legislation, some listed companies have voluntarily delisted from exchanges and chosen to be traded over-the-counter; and there are a number of banks and other issuers that are thinly traded and so choose not to go to the expense of listing on an exchange.
