That’s a good start but they will need 2-3 more independent directors before they can uplist to OTCQB status! It is VERY exciting to see the progress they have made in the last month! ;-)
Outstanding management group and a great opportunity for investors to get in on the ground floor of a rapidly growing, vertically integrated energy company!
Eligibility Requirements U.S. companies must have audited annual financials by a PCAOB auditor. (Tier 2 Regulation A Companies are exempt from requirement to use a PCAOB auditor for their initial audit) Meet minimum bid price test of $0.01 Not be in bankruptcy Have at least 50 Beneficial Shareholders, each owning at least 100 shares Have a freely traded Public Float of at least 10% of the total issued and outstanding of that security. Companies with a freely traded Public Float of at least 5% (and $2 million in market value of public float), or a separate class of securities traded on a national exchange may apply for an exemption (see OTCQB Standards)
Have a transfer agent that participates in the Transfer Agent Verified Share Program (US Companies only) International companies must be listed on a Qualified Foreign Exchange (or SEC Reporting) and submit a Letter of Introduction from an approved OTCQB Sponsor
Reporting Requirements: Meet one of the following Reporting Standards SEC Reporting Standard Regulation A Reporting Standard (Tier 2) U.S. Bank Reporting Standard International Reporting Standard Alternative Reporting Standard Timely disclosure of material news
Corporate Governance Requirements (Alternative Reporting only) Have a board of directors that includes at least two Independent Directors Have an Audit Committee, a majority of the members of which are Independent Directors Verification Requirements Maintain a Verified Company Profile Post initial and annual verification and management certification
Looking forward to becoming Pink Current and moving up to higher exchanges and eventuall the Amex/NYSE or NASDAQ in the next year and a half!