Private Placements at less than $.10 per share will not get an OTCBB or OTCQB Listing. You can no longer pursue a Go Public Direct transaction with a private placement under $.10 per share prior to filing a registration statement on Form S-1 in a Go Public Direct transaction.
We have just been advised by the Market Maker that submits most of our clients’ Form 211 filings to FINRA that in order to get a ticker symbol, new internal regulations under which they must operate will not let them file a Form 211 for any company that completed a private placement at less than $.10 per share.
We have long recommended to our clients that to facilitate getting a Ticker Symbol from FINRA, they need a shareholder base of at least 40 shareholders owning at least 10,000 shares each who paid at least $.10 per share for for their stock. This minimum stock price used to be optional advice.
Now it is mandatory.