FINRA does not approve reverse splits, but it does process reverse stock splits as part of its functions related to company corporate actions in the OTC market. OTC companies must submit notice to FINRA 10 days prior to the record/effective date of the corporate action. Once a corporate action submission is successfully processed (which may take longer than 10 days), it will be posted to the OTC Daily List. The Daily List is a place investors can learn about reverse stock splits and other company corporate actions, such as a merger or acquisition, payment of dividends or a company dissolution or liquidation.
FINRA nor the SEC approve stock splits. FINRA needs proper documentation to process the corporate action, which is approved by those in control of the ticker. At last report there were issues that needed to be resolved by those owning Preferred shares of APRU, namely someone lost a CERT.
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