thanks. The key issue is that "going to the pinks" is a nonsensical statement. Being delisted by FINRA leaves you ONLY on the pinks. OTCQX without VOLUNTARY compliance with OTCBB reporting requirements is a step down for a US stock.
The real interpretation of that lack of requirement for reporting with the SEC should be reconsidered. Audited financials are required. They are not required to be filed with the SEC or to meet SarbOx... A FOREIGN issuer might elect to be on their own domestic exchange and to dual list OTCQX filing their FOREIGN format audits with OTC. This is consistent with the majority of the listed companies being reputable European and Canadian companies that do not wish to comply with SEC rules IN ADDITION to their own government's but want access to US investors.