To get off the greys you need a MM to file a form 211 with FINRA. So the company has to give the MM all sorts of information about themselves, the MM has to go over it and be willing to put their name on the dotted line, then FINRA has to approve it. Without financials there is nothing to vouch for. A company that refuses to live up to its requirements as a reporting issuer is not likely at all to have a 211 approved being that it is in violation of securities regulations.
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