My thoughts on that, if you care to follow along . . . .
[But I could be wrong.]
I believe "current [PINK] according to OTCMarkets.com" is what TDA, ETrade, etc. go by to determine if they will allow orders to open positions.
SDVI did not file with OTCM.
Until we do, OTCM will assume SDVI hasn't complied with the new rules, even though we have done so by publicly posting financials elsewhere. Therefore I think OTCM may label us "Expert Market" (which has skull), and big brokers will not therefore be able to buy.
Yet we did 640,000,000 in volume today without those brokers.
So whether or not "OTCM" calls us this or that, doesn't really matter as much whether the SEC considers us compliant.
After all, we did post our financials publicly, as required.
Please understand, the SEC's new rule DOES NOT REQUIRE financials be posted "at OTCM!"
It may be possible OTCM black marks us, while the SEC does not.
If the SEC does not black mark us, then you will still be able to see Level 2 for the ticker even though TDA and ETrade clients can't buy. (Assuming OTCM black lists us.)
If the SEC does black mark us, and we DO lose the ability to "be quoted," all that means is . . . drum roll, please . . . YOU WON'T SEE BID AND ASK.
I've traded plenty of tickers like that, and you simply watch the time and sales and place limit orders. Not a big deal.
In fact, my biggest gainer this year was RKLC (Expert Market/Skull and Crossbones) from .0001 to over .01 in a couple days. There was no Level 2, not even best bid or best ask -- but there was a live time and sales report; and when I kept setting limit sell orders at the last price, it kept filling instantly. (While stock was going up. Harder to fill while going down lol.)
The only problem is I have TDA, so would have to find another broker to buy an Expert Market ticker. (Again, apparently somebody knows what broker to use to get around TDA's and ETrades own "can-not-buy" lists.)
The other possibility is we do somehow go current in OTCM's eyes, and then TDA/E*Trade can join the party too. (So instead of 640M volume, we could do maybe 1 Billion.)
What ultimately matters is NOT what OTCM labels a ticker . . .
or even whether the SEC takes away the ability to see a bid and ask.
What matters is whether this or that ticker is perceived as undervalued.
If so, it will go up, "Expert Market" or not.
That's my best guess as to how this all works.
I bought a bunch of SDVI before TDA stopped allowing buys on it.
Convinced enough to hold and see how SDVI ages.
If good things develop, I think it will go up with or without a bid and ask, with or without a black mark at OTCM, and with or without TDA/ETrade.
Just my OPINION!
I also posted the below on 9/2/21 ----> https://investorshub.advfn.com/boards/read_msg.aspx?message_id=165742730
same deadline all non-current filers have, not just SDVI: https://www.otcmarkets.com/learn/15c2-11-resource-center
And if companies miss the deadline, what is lost is the ability to see best bid and ask, not necessarily more than that.
(It's called "expert market." The best play I had this year was in expert market, on RKLC from .0001 to over .01, for what it's worth. Just couldn't see bid and ask. Go by last trade only.)
OTCMarkets now has the authority, as does Edgar, etc., to determine which companies are safe for brokers to be quoting under the new rule.
(many brokers like ETrade and TDA currently going by OTCMarkets desigantions to be consistent in their determination of whether a company is current or not; but not all brokers)
MUST SEE VIDEO: OTC Markets Group Answers Frequently Asked 2-11 Rule Change Questions
--
WHAT ACTUALLY CHANGES IF DEADLINE IS MISSED? Only what you see for quotes changes . . . (now on expert market, you can hypothetically trade with a broker that takes orders on stocks not showing best bid and ask, just have to find that broker).
sample info from OTCMarkets 15c2-11-resource-center:
In order to remain designated as “Current Information” on our markets, companies with Exchange Act reporting requirements must make timely filings of all reports required to be filed with the SEC. Rule 15c2-11 permits additional time (180 days) for Exchange Act reporting companies to continue to be eligible for public broker-dealer quotes. Accordingly, companies that make their annual or quarterly reports publicly available (via EDGAR) within 180 days of the end of the applicable quarterly or annual reporting period will still be eligible for broker-dealer proprietary quotes, but will be designated as “Limited Information”.
For example, if a company with a fiscal year end of December 31st files its second quarter 2021 report in a timely manner (by August 16, 2021), it would remain in the “Current Information” Tier until the third quarter report is due (November 15, 2021). If the third quarter report is not filed, the security would still be eligible for broker-dealer quotes, but would be moved to the “Limited Information” tier and would continue to be eligible for public broker-dealer quotes until December 27, 2021 (180 days after the end of the issuer’s second quarter). Thereafter, assuming the issuer did not rectify its disclosure deficiencies, the security would enter the 14-day grace period and move to the Expert Market for unsolicited quoting only. Note: Filings made pursuant to 12b-25 will be treated as timely and, absent other delays, will not cause a security to move from Pink Current to Pink Limited. Regulation CF and Regulation A reporting companies are subject to different timeframes under Rule 15c2-11.
. . . . .
Why is my broker imposing suitability or trading restrictions on certain OTC securities (e.g. “Liquidate Only)?
We understand that certain retail brokerage firms may use our marketplace and compliance designations (e.g. Current, Limited, Expert, Caveat Emptor) to develop internal compliance policies, and that some firms have chosen to implement these policies prior to the SEC’s September 28, 2021 deadline for compliance with Rule 15c2-11. Please reach out to your broker directly for additional information related to its policies and restrictions.
I am an investor in a “No Information” company that has applied for access to OTCIQ. How can I see the status of their application?
As a market operator, it is our policy not to comment to any third party about a company’s application process as this is non-public information. If you are an investor in a “No Information” company, or a company that is in the process of engaging with OTC Markets Group to provide current information, please contact the company directly. We process hundreds of applications and, generally speaking, having an application in process does not always mean that a company will publish the required information that allows us to confirm that current information is publicly available under Rule 15c2-11. As soon as a company’s application is processed and we can confirm that the required information has been published, we will publicly indicate that the company has moved to the Pink Current or Limited tier. Please view the Information for Pink Companies section of our website to see which documents companies are required to post to qualify for the Pink Current and Limited market tiers. Please note that even if a company posts all of the required disclosure, late filings and deficiencies in the information posted can cause a company to remain in the Limited or No Information tiers.
What is the Expert Market?
The Expert Market is a market tier that serves broker-dealer pricing and best execution needs in securities that are restricted from public quoting or trading. OTC Markets Group designates certain securities for quoting on the Expert Market based on a lack of issuer disclosure and other security attributes. Quotes on the Expert Market are unsolicited only and distribution of Expert Market quotations is limited to broker-dealers and other professional and sophisticated investors.
What happens to Grey Market securities after the September 28th Compliance Date?
Grey market securities will remain on the Grey market after the September 28th Compliance Date unless the issuer undergoes an initial information review, a broker files and clears a Form 211 with FINRA, or the security meets another available exemption under Rule 15c2-11 (e.g. Large Company exemption, Unsolicited Quoting Only).
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