Rodman & Renshaw, the firm purchasing the OTCBB from FINRA, just announced executive team hires for the new OTCBB™ unlisted securities trading marketplace:
Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) today announced the hiring of Eric Hess and Carl Giangrasso as the management team for the new OTCBB™ venture that will establish a trading alternative to the current market for unlisted securities. Mr. Hess will be Chief Executive Officer and Mr. Giangrasso will be Chief Operating Officer of the new OTCBB™.
In September of last year, Rodman & Renshaw announced its agreement with the Financial Industry Regulatory Authority, Inc. (FINRA®) with respect to its acquisition of specified assets related to the OTC Bulletin Board™, which is currently operated by FINRA®. These assets will be managed by the new venture upon the closing of the transaction with FINRA®. More information regarding the transfer of ownership and evolution of the OTCBBTM will be forthcoming in early 2012.
This SEC Attorney believes that this is an indication that the OTCBB will continue to be a viable market for smaller companies going public.