How Should A Firm Go Public?
Here are the levels of stock listing.
OTC PINK SHEETS:
The oldest quotation service for over the counter stocks usually called "the pinks". There are technically no particulars needed for reports or audited financials on the pinks, however, the pinks have instituted their own voluntary reporting system and enforce it by publishing symbols to represent the level of disclosure each firm is subscribing to. To publish voluntary details requires fees of roughly $5000 a year.
THE OTC BB: The OTC Bulletin Board is managed by the Financial Industry Regulatory Authority (FINRA) and expects that all companies whose stock is traded on the OTC Bulletin Board maintain their current reporting status with the Securities and Exchange Commission (SEC), which includes current audited financial statements. There are no cost paid to FINRA for this quotation, but maintaining a public company current with its SEC reports can cost $25,000 - $50,000 per year.
EXCHANGES:
The OTC PINK SHEETS and the OTC Bulletin Board are convenient stock markets specifically for emerging and new companies, but clients with well established businesses will want to be on one of the mature and higher equity markets - Nasdaq Small-Cap, Nasdaq NMS or NYSE. Each of these stock exchanges has its own qualifications that a company must meet to be listed on the exchange. Typically the types of qualification factors they look for include asset levels, number of investors, required Board level committees, revenues, and market capitalization. In addition all exchanges require the company to maintain a current reporting status with the Securities and Exchange Commission (SEC). Listing on the equity markets usually involves charges in the range of hundreds of thousands of dollars.
For a US company a listing on the US stock markets strengthen points. For Example, a quotation is a means to:
1) Grow your company faster and make it more powerful by increasing your ability to attract "mergers", "acquisitions" and "strategic partners;
2) Expand your company faster and make it more powerful by improving its ability to compete for large corporate contracts;
3) Strengthen your personal ROI as an owner by cutting down the amount of time it will take to make money on your investment, as well as increasing the valuation of your company, as well as, changing the liquidity of your asset to a more liquid form than that of a private firm;
4)Raise money faster and cheaper by improving the "liquidity" factor for your shareholders
Now most of these suggestions are for companies going public from scratch. For those of you looking to buy a shell corporation (public shell), to do mergers, then you might want to decide changing a quotation as stated above. For more information on this subject try googling phrases like "mergers companies" or "reverse mergers".
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