AXNMAN
2 years ago
Expert Market to OTCQB
Expert Market from Sept 29, 2022
Dear SINC Investors,
You might have noticed that from Sept 29th, 2022, SINC was placed on Expert Market on OTC, as a result, proprietary quotations were temporarily suspended for SINC.
Reason for SINC been moved to Expert Market
Since 2019, our Ks and Qs were filed with un-audited financials to save costs while we were waiting for our 3a-10 fairness order to close our acquisition.
Issuers on OTC Pink with audited financial are voluntary, and according to PCAOB 4110.4, issuers with unaudited financials can file amendments with audited financials.
We further passed the SEC Rule15c2-11 on September 26, 2021 to remain current until Sept 29, 2022.
The original plan was to file a comprehensive super 10k where the company can include audited financials along with acquisitions and consolidations, as part of NYES/NASDAQ up listing process.
On Sept 29th, 2022, right after market close, OTC market advised us that our reporting needs to have audited numbers included before we can be back on current.
Solution: Stopover Up listing to OTCQB
To fix the issue, quote OTC Market instructions:
"In order to be eligible for proprietary quotations, the company would have to either have a broker file and clear a Form 211 with FINRA or undergo an Initial Review by applying to OTCQX or OTCQB in addition to providing the required filings with the SEC."
FINRA form 211 has uncertainties on timeline, so we have decided to do a stopover OTCQB up listing before NYSE/NASDAQ up listing. The turn around time is expected to be around 4-6 weeks.
It's an unexpected hiccup right before we start consolidating our financials but rest assured, this is being taken care off.
I'll provide further updates soon.
Thank you
Kind Regards,
Yiwen (James) Zhang
CEO
Sincerity Applied Materials Holdings Corp