Global Equity International Inc (OTCBB:GEQU) and its subsidiary firm Global Equity Partners Plc. reported that they plans to reapply for OTCQB listing once the company stock achieves average closing bid of $0.01 or more. The subsidiary is a specialist consultancy company with offices located in London and Dubai.
There are several terms that Global Equity has to comply with so as to get a listing on the OTCQB platform. It had to be bank reporting, SEC reporting or listed on an approved international stock exchange. The minimum bid price should be of $0.01 per share. The companies not listed on OTCQB platform must have an initial minimum bid price of $0.01 as of the close of hours for each of the last thirty calendar days. Also, it should not be subject to reorganization proceedings or bankruptcy and must have a SEC approved Transfer Agent.
It should be noted that Global Equity currently fulfill two terms out of the four terms mentioned above. The company don’t have minimum bid price as required to list on OTCQB. It will submit the application and pay the listing fees once it meets the price criteria. The company is of view that up-listing to the OTCQB platform will bring sophisticated investors and help to consolidate the GEQU share price.
Global Equity International Inc (OTCBB:GEQU) became a publically listed firm by filing Form-10 with SEC in 2012. The Form 10 registration became effective in June 2012 and the company’s stock commenced trading in October 2012. However, in 2014 due to convertible notes, the company’s stock quoted under $0.01 per share for over thirty days, following which Global Equity was demoted to the Pink Sheets. The current 52-week high of stock is $0.37 and 52-week low is $0.009.
In early morning trade on Tuesday, the stock price of Global Equity is trading in deep red with loss of over 11%.