Eagle1,
I am also in the camp that believes late filing of quarterly reports will NOT boot a Company to the Expert Market. In fact, it appears a "limited information filer" isn't even required to file a quarterly report! If true, limited info companies are kind of riding the "short bus". It sucks, but it is what it is.
I pasted the rules below and bolded some points I find "interesting". Like how a PR MUST be issued when "earnings" are announced? So even though you don't need to file a quarterly, if you do, you must issue a PR. Melvin has NOT always done this so maybe that triggered the "yield"? In any event, the 2 year limit allowance to be limited perhaps ties into Melvin's "2 year plan".
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Pink Limited Information Tier
Companies that do not meet the requirements of the Pink Current Information tier set forth above may still qualify for the Pink Limited Information Tier by meeting the following minimum disclosure requirements.
1. Annual Financial Statements: Publish one set of Qualifying Annual Financial Statements which cover the past 2 completed fiscal years, provided the most recently completed fiscal year is within the past 16 months.
2. Verified Profile: The Company must verify the Company Profile through OTCIQ, including, but not limited to, a complete list of officers, directors, and service providers; outstanding shares; a business description; contact information; and the name of all company insiders. “Company Insiders” shall include the beneficial owner of 10% or more of the outstanding units or shares of any class of any equity security of the issuer.
Ongoing Requirements: To qualify for Limited Information on an ongoing basis, companies must:
• Publish reports on the following schedule:
. Annual Financial Statements as outlined in Item 9 within 120 days of the fiscal year end. Should a change in FYE occur, no more than 16 months may elapse from the fiscal year end of the prior Annual Financial Statement.
• Review and Verify the Company’s profile information through OTCIQ at least once every 12 months.
• Maintain Transfer Agent Verified share data. If your transfer agent participates in the Transfer Agent Verified Shares Program, then your securities must have current share data verified by the transfer agent.
Current Reporting of Material Corporate Events
In addition to the disclosure requirements above, all companies on the Pink market are expected to promptly release to the public any news or information regarding corporate events that may be material to the issuer and its securities (including adverse information). Persons with knowledge of such events are considered to be in possession of material nonpublic information and may not buy or sell the issuer’s securities until or unless such information is made public. If not included in the issuer’s previous public disclosure documents, or if the material events occurs after the publication of such disclosure documents, the issuer shall publicly disclose such events by disseminating a news release within four (4) business days following their occurrence and posting such news release through an Integrated Newswire or the OTC Disclosure & News Service.
Material corporate events may include:
• Changes to the company’s shell status. Please refer to our FAQ on Shell Companies
• Changes in control of issuer
• Departure of directors or principal officers; election of directors; appointment of principal officers
• Entry into or termination of a material definitive agreement or material agreement not made in the ordinary course of business
• Completion of an acquisition or disposition of assets, including but not limited to merger transactions
• Creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of an issuer
• Triggering events that accelerate or increase a direct or contingent financial obligation including any default or acceleration of an obligation or an obligation under an off-balance sheet arrangement
• Costs associated with exit or disposal activities including material write-offs and restructuring; Material impairments
• Unregistered sales of equity securities
• Material modification to rights of security holders
• Changes in issuer's certifying accountant
• Non-reliance on previously issued financial statements or a related audit report or completed interim review
• Change in a company’s fiscal year; Amendments to articles of incorporation or bylaws that were not previously disclosed in a proxy statement or other such disclosure statement.
• Amendments to the issuer's code of ethics, or waiver of a provision of the code of ethics
• Any changes to litigation the issuer may be involved in, or any new litigation surrounding the issuer
• Officer, director, or insider transactions in the issuer’s securities
• Disclosure of investor relations, marketing, brand awareness, and stock promotion activities which might reasonably be expected to materially affect the market for its securities or otherwise deemed material by the issuer
• A company’s bankruptcy or receivership
• Termination or reduction of a business relationship with a customer that constitutes a specified amount of the company’s revenues
• Any material limitation, restriction, or prohibition, including the beginning and end of lock-out periods, regarding the company’s employee benefits, retirement and stock ownership plan
• Earnings releases
• Other materially different information regarding key financial or operation trends from that set forth in periodic reports
• Other events the issuer determines to be material
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I don't recall a PR when the shell risk was removed either?
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