Companies trading on the OTC Bulletin Board, such as SFMI, must be reporting issuers under Section 12 of the Securities Exchange Act of 1934, as amended, and must be current in their reports under Section 13, in order to maintain price quotation privileges on the OTC Bulletin Board.
More specifically, the Financial Industry Regulatory Authority (“FINRA”) has enacted Rule 6530, which determines eligibility of issuers quoted on the OTC Bulletin Board by requiring an issuer to be current in its filings with the Commission.
Pursuant to Rule 6530(e), if they file their reports late with the Commission three times their securities will be removed from the OTC Bulletin Board for failure to timely file.
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