Since they filed a Form 15, it means they are opting to no longer be an SEC registrant. It also means if they want to continue trading as a pink sheet they’ll have to meet OTCM guidelines which is a fill-in-the-blank financial report on quarterly basis and for it to be certified with a attorney letter each time. They’re not required to inform SH’s with any material information, which currently would be submitted on a 8-k. No more transparency in reporting.
Again, the new rules applies across the board in regards to meeting quarterly/annual reporting deadlines, whether they are SEC reporting or not. The only difference is OTCM is not a regulating agency, so no financial oversight. However if they don’t meet reporting deadlines they can be kicked off to Expert Market again, which means no published quotes.
No market maker = no quote. That means they’ll have to file a new form 211 (again) to regain market maker quotes. It’s more difficult for non-sec-reporting companies to regain a market maker quote, but that doesn’t mean it’s impossible.
Companies generally opt out of reporting for two reasons:
1) No transparency
2) they no longer can afford the fees associated with being a fully reporting public company.
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