First the SEC doesn’t approve for uplist, they have no say in the matter. They only comment on the S-1, and when they have no more comments the S-1 goes effective. The uplist is between SBFM and Nasdaq.
As for the “agreement”…here’s the thing, OTC stocks can get held over a barrel by the underwriter because they WILL NOT commit to a price until literally right before the S-1 goes effective. There will be an amendment just before it goes effective with the proposed offering price (and not a placeholder like you see now) and even that can change the day the offering closes.
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