He's right. It is extremely difficult to get off the grey market. I am only aware of two companies that have done it in the last three years. I got into a stock (and am still in it) that was regulated to the grey's a little over a year ago. I did ALOT of research into the grey market. Here is the gist:
From the last information that I read (And sorry, I tried to find the original documentation but was unsuccessful.), the SEC is telling companies that wish to move off the Grey market to file two years worth of audited financials. They do not want the companies to go over the prior two fiscal years and have them audited, but want the company to operate for two years and file audited financials for the upcoming years. Most companies cannot complete the task. They are share selling scams. They simply go bankrupt as they cannot fund operations without selling shares.
The SEC has been telling this to companies because, as of late, suspensions have become more and more frequent. If they are a legit company, the SEC wants them to find a way back, but wants assurances....hence the two years worth of audited financials.
If you're not willing to sell for a loss and genuinely believe in the company, I would anticipate about a 1.5 - 3 year (depending on when their fiscal year report is due and how long it takes to have their financials audited....it does take a while)wait before any movement to a different tier would occur.
Good Luck!
