The 60 days has to do with the SEC and when it is considered “effective”. It has nothing to do with what the OTC is doing with their tiers.
Question: A company files a Form 10 registration statement to register a class of equity securities under Section 12(g). This registration statement will become effective automatically 60 days after it is filed with the Commission. If the registration statement is selected for review by the Commission’s staff, is the company still required to file periodic and current reports?
Answer: Yes. Once the Section 12(g) registration statement becomes effective, the company is subject to Exchange Act reporting obligations, including the filing of periodic and current reports. The fact that the staff has selected the registration statement for review, or that the review is not completed at the time of effectiveness, does not relieve the company of these obligations. [September 30, 2008]
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Wonder if or when GVSI will be selected for review by SEC.