WARWICK – The Internet service provider ICOA announced that it would continue to list on the electronic quotations system Pink Sheets until it is able to support the reporting requirements to re-list on the Over The Counter Bulletin Board, ICOA said in an update to shareholders on Sept. 9.
The OTC Bulletin Board is also a listing of securities but requires companies to file timely reports with the U.S. Securities and Exchange Commission, unlike Pink Sheet companies.
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ICOA said it is positioning to changes its status on Pink Sheets to Pink Sheets Current Information. The company will submit the required financial information for its status to be changed to Pink Sheets Limited Information.
It will also require corporate and financial information for the status to be upgraded to Pink Sheets Corporate Information.
In November 2009, ICOA filed a Form 15 – also know as a Certification and Notice of Termination of Registration – with the U.S. Securities and Exchange Commission to become a non-reporting company, ICOA said, adding that the decision was based on the company’s need to conserve its cash for ongoing operations. Prior to November 2009, ICOA had been a fully-reporting company since 2000 and on the Bulletin Board since 1983.
Following the status changes, ICOA intends to file a Form-10 with the SEC and be reinstated on the Over The Counter Bulletin Board.
ICOA operates broadband access installations in high-traffic locations across 40 states.
