On November 9, the SEC approved rules issued by the three major U.S. listing markets (Nasdaq, NYSE, and NYSE Amex) to prohibit a reverse merger company from applying to list until the company: (i) completes a one year "seasoning period" by trading in the U.S. OTC market or another regulated or foreign exchange, and (ii) maintains a minimum share price for a required period. Reverse mergers permit companies to access U.S. investors by merging with an existing public shell company. SEC Release.
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