What Are The Procedures To Go For Public Issue?
There are different modes to go public in the US. You can find three major grades of listing:
Here are the levels of stock listing.
OTC PINK SHEETS:
The earliest quotation service for over the counter financial instruments usually called "the pinks". There are technically no requirements for reports or audited financials on the pinks, however, the pinks have put into operation 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 around $5000 a year.
THE OTC BB: The OTC Bulletin Board is managed by the Financial Industry Regulatory Authority (FINRA) and requires that all companies whose stock is exchanged on the OTC Bulletin Board keep 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 could cost $25,000 - $50,000 annually.
EXCHANGES:
The OTC PINK SHEETS and the OTC Bulletin Board are convenient stock markets especially for emerging and new companies, but clients with flourishing businesses will prefer 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 business must meet to be listed on the exchange. Generally the types of qualification factors they look for include asset levels, number of shareholders, required Board level committees, revenues, and market capitalization. In addition all exchanges mandate the company to keep a current reporting status with the Securities and Exchange Commission (SEC). Listing on the equity markets usually involves charges of about hundreds of thousands of dollars.
For a US company a quotation on the US stock markets strengthen points. For Example, a quotation is a way to:
1) Grow your company faster and make it more successful by increasing your ability to bring in "mergers", "acquisitions" and "strategic partners;
2) Expand your company faster and make it more powerful by improving its ability to compete for large corporate opportunities;
3) Maximize your personal ROI as an owner by decreasing the amount of time it will take to make money on your investment, along with 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 quicker and cheaper by increasing the "liquidity" factor for your investors
Now most of these considerations are for companies going public from scratch. For those of you wanting to buy a shell corporation (public shell), to do mergers, then you might want to decide changing a quotation as stated above. For more details on this topic try googling phrases like "mergers companies" or "reverse mergers".
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