On September 28, 2009, FINRA announced that they are seeking to sell certain assets related to the OTC Bulletin Board, including the otcbb.com web site and URL, some content, and the OTCBB trademark. That announcement can be read here.
Remember that NASDAQ moved control of the OTC Bulletin Board away from NASDAQ and over to FINRA (then the NASD) in 2005. You can view this release here.
Then, on October 14, 2009, NASDAQ announced that it wants to establish a new listing market called BX, for companies “that do not presently qualify for an exchange listing.” The announcement goes on to state that ‘[i]t is expected that candidates for BX are presently trading on one of the over-the-counter venues, either the OTCBB or the ‘Pink Sheets,’ or are listed on NASDAQ or another exchange and subject to being delisted.” A copy of NASDAQ’s announcement can be read here.
in a Fact Sheet, NASDAQ describes the BX as an “alternate listing venue for aspiring companies and their investors.”
We have not seen a complete set of listing requirements for the new BX, but the release did say that companies will need to “comply with many of the qualitative requirements for listing on NASDAQ and other securities exchanges,” including having (i) at least three independent directors, (ii) a fully independent audit committee, and (iii) an independent process for oversight of executive compensation decisions.
The new listing platform is pending SEC approval, and no timelines or dates have been given.
