Replies to post #79522 on Innovation Pharmaceuticals Inc (IPIX)

[F1ash]

From an earlier post:

I called the OTC and got the following (paraphrased).

Me: "I own a stock, symbol CTIX, and noticed it went from OTCQB to OTC pink can you tell me why? "
OTC : "We made some changes which required submitting a new application. It looks like CTIX did not submit an application."
Me:"Were there new fees attached?"
OTC: "Yes $10,000 for new applications and $7,500 for current QB renewal. There were 90 days to renew and CTIX simply did not file to renew"
Me: "Thanks"

The signs read "Don't feed the Bears" I think they mean don't even feed them small things. CTIX was OTCQB before so I think it should give them the benefit of the doubt though.

[loanranger]

"Do we know for certain that Leo didn't pay the money to remain OTC because of frugality?"

I don't think we do. I know of no one who has received a communication or seen a statement indicating that it is the $10,000 and only the $10,000 (keeping in mind that when he opted out it was $7,500***) that influenced the company's decision. Do you? (Anyone?)
Could it be that they felt that the OTC was asking for too much in the form of some of its other requirements to stay on the OTCQB tier? As far as I can tell there is little information required that isn't already supplied to the SEC in the company's periodic reports.

For your consideration...here they are:

SEC Reporting Companies
Initial Requirements
Meet an initial minimum bid price test of $0.01 as of close of business for each of the previous 30 calendar days.
Complete and submit OTCQB application and applicable fees.
Be current in all periodic reporting requirements on EDGAR (or for companies not required to file on EDGAR, post SEC disclosure on the OTC Markets website).

Post on the OTC Markets website:
OTCQB Initial Certification (see below for details on Certification requirements)

Ongoing Requirements
Meet an ongoing bid price test of $0.01 as of the close of business for at least one of every 30 calendar days.
Post current SEC disclosure on EDGAR, or for companies that do not file on EDGAR, post current SEC disclosure on the OTC Markets website.

Post on the OTC Markets website:
OTCQB Annual Certification


OTCQB Annual Certification
Each OTCQB company must post initial and annual certification on the OTC Markets website, signed by the CEO and/or CFO which contains the following:

The company's reporting standard (e.g. SEC Reporting, Bank Reporting, International Reporting) and brief description of the registration status of the company.
Confirmation that the company is current in its reporting obligations to its regulator and such information has been posted either on EDGAR or the OTC Markets website.
Name of the Law Firm and/or Attorney involved in helping the company prepare its Annual Report or 10-K.
Confirmation that the company profile on the OTC Markets website is current and complete.
Confirmation that the total shares outstanding and in the public float as of the most recent fiscal year end.
Names and shareholdings of all officers and directors, as well as beneficial shareholders who hold more than 5% of outstanding shares.


http://www.otcmarkets.com/services/companies/otcqb/requirements
https://rightsignature.com/forms/OTCQB-Application-121d40/token/81a7c9f3f4c


***In looking at the application I found that the Annual Fee would have been $7,500 for the first TWO years for a company that was on the OTCQB when the application was filed.
(I wonder if the people at OTCMarkets might not reconsider and take $7,500 + $7,500 in lieu of the ZERO the company is paying them.)