NEW RULES EFFECTIVE 5/1 for OTCBQ stocks only, min. 01 bid requirement for 30 days, or they will fall a tier potentially to the pinks, this is not the end of the subpenny mkt, it only applies to the highest tier of the OTCBQ, most subpennies aren't even in this category anyway. Subpennies are selling off today because people do not understand what this means.
US over-counter trading tightens reporting, other standards
Wed, Mar 26 16:15 PM EDT
NEW YORK, March 26 (Reuters) - OTC Markets, the operator of three U.S. over-the-counter equity markets, is rolling out tighter reporting standards and eligibility requirements for its venture-stage market to crack down on stock scams and bolster transparency, the company said on Wednesday.
On May 1 for its OTCQB market, OTC Markets will introduce a new minimum one-cent bid price requirement and will require the company's chief executive or chief financial officer to certify that its reporting obligations are current and that disclosures about shareholdings, officers and corporate profile are correct.
The bid requirement, in which stocks must have been quoted for at least 1 cent daily over a 30-day period or be dropped from the market, aims to ferret out companies that fall prey to dilutive stock fraud schemes and promotions, OTC Markets said.
OTC Markets also will charge a one-time $2,500 fee for new applicants and an annual $10,000 fee for companies trading on its markets.
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