Simplified Roadmap for OTC Markets Quotation
Introduction
Small- and mid-cap companies seeking to gain access to capital markets and improved liquidity for their capital stock should consider the benefits that over-the-counter (“OTC”) markets can provide as a viable alternative to primary national stock exchanges such as Nasdaq and the New York Stock Exchange. Strategically, in the short term, they can be attractive to companies due to lower monetary and time costs. In the long term, they serve as a strong springboard for uplisting to a primary national stock exchange.
OTC markets function through a decentralized network of broker-dealers connecting buyers and sellers rather than the matching engine technology used by exchanges. The OTC markets have four tiers for companies at different stages of development: OTCQX® Best Market (OTCQX), OTCQB® Venture Market (OTCQB), OTCIDTM Basic Market (OTCID), and Pink LimitedTM Market (Pink Limited).
Initial Eligibility on OTCQX, QTCQB, and OTCID
To determine which tier is suitable, the starting point is to conduct an eligibility check based on the qualifications of each tier. The below sets forth a summary of each tier’s key qualifications.
OTCQX and OTCQB
OTCQX is for established domestic and international companies that comply with high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, and are current in their disclosures. OTCQB is for entrepreneurial and development stage U.S. and international companies. OTCQX and OTCQB have overlapping eligibility requirements but differ in certain aspects.
On March 5, 2026, OTC Markets Groups published for comment proposed amendments to the OTCQX Rules which are scheduled to become effective on April 6, 2026 (the OTCQX Proposed Amendments).
Disqualifications |
Shell or blank-check companies (excluding SPACs which may be considered for admission by OTC Market Group on a case-by-case basis) and companies in bankruptcy or reorganization proceedings are not qualified. |
Registration and Reporting Status |
Meet one of the following conditions:
|
Penny Stock Exemption |
For OTCQX, must satisfy one of the “penny-stock” exemptions as set forth below:
A According to the OTCQX Proposed Amendments, companies that do not meet the revenue or net tangible asset tests may conditionally qualify for OTCQX, in the sole discretion of OTC Markets Group, under the $5.00 bid price test until their next annual report is published. At that time, the company must meet either the revenue or net tangible assets. |
Financial Statement |
Audited annual financial statements and audited or unaudited interim financial reports. |
Shareholders |
At least 50 beneficial shareholders each owning at least 100 shares. According to the OTCQX Proposed Amendments, the minimum number of round lot shareholders holding at least 100 shares will be increased from 50 to 100. |
Bid Price[i] |
$0.25 per share for OTCQX; $0.01 per share for OTCQB. |
Market Capitalization |
$10 million for OTCQX. According to the OTCQX Proposed Amendments, the minimum market capitalization will be increased from $10 million to $25 million. |
Freely Traded Public Float[ii] |
At least 10% of the total shares issued and outstanding of the class of securities to be traded on OTCQX or OTCQB, as applicable. According to the OTCQX Proposed Amendments, all companies must have a minimum market value of freely-traded public float of $5 million and must also satisfy the float distribution criteria listed below for each class of securities on OTCQX:
|
Price Quotations and Market Makers |
For OTCQX, have proprietary priced quotations published by two market makers in OTC Link ATS. If the Company is applying to OTCQX in conjunction with an initial review for quotation eligibility in accordance with Rule 15c2-11 under the Securities Exchange Act of 1934, as amended, one market maker is required within three business days of admission to OTCQX; and (ii) two market makers publish proprietary priced quotes within 90 days of admission to OTCQX. |
Corporate Governance |
Two independent directors and an audit committee with a majority of its members being independent directors According to the OTCQX Proposed Amendments, an audit committee must have at least two members. |
Transfer Agent |
Have a transfer agent that participates in the Transfer Agent Verified Share Program |
OTCID
OTCID is for companies that publish baseline information. These companies provide ongoing financial disclosure and a management certification, and verify their company profile for U.S. investors, brokers and regulators. OTCID requirements are substantially scaled down relative to OTCQX and OTCQB eligibility requirements.
Reporting Standards |
Must meet one of the following conditions:
|
Financial Statement |
Audited annual financial statements and audited or unaudited interim financial reports |
Filing of Form 211 by Market Maker
If the issuer does not apply to OTCQX or OTCQB in conjunction with an initial review by OTC Markets for quotation eligibility in accordance with Rule 15c2-11, or if OTC Markets determines that it will not conduct the initial review of an issuer, the issuer will need to rely on a market maker to compile and submit to the Financial Industry Regulatory Authority (FINRA) the information required by Form 211. To comply with Rule 15c2‑11, an issuer must provide extensive issuer information to the market maker for review prior to the initiation of quotations. Once FINRA approves Form 211, the market maker that filed the form can begin quoting the security on OTC Link ATS.
Market makers have practical or policy‑driven requirements in connection with the submission of Form 211. The below sets forth illustrative market-maker considerations. An issuer should consult with the market maker submitting Form 211 regarding any applicable thresholds or additional conditions.
Requirements |
Threshold |
Shareholders |
≥ 30 round-lot shareholders |
Total Shares Outstanding |
≥ 1,000,000 shares |
Free-trading Shares |
≥ 250,000 shares |
Review and Approval by the OTC Markets Group
After an application is submitted, the company will be contacted by the analyst who is processing the application. Additional items may be requested at this time. After the OTC Markets Group grants approval for quotation, the securities may commence trading on the applicable OTC markets tier.
[i] As of the close of business on each of the 30 consecutive calendar days immediately preceding the Company’s admission to OTCQX. Under the prescribed circumstances, the OTC Markets Group may consider an exemption to this requirement if there has been no prior public market for the Company’s securities in the U.S.
[ii] “Public Float” shall mean the total number of unrestricted shares not held directly or indirectly by (i) affiliates; (ii) family members of officers and directors of the Company; and (iii) family members of any person who is the beneficial owner of 10 percent or more of the Company’s outstanding shares.
OTC市场挂牌简明路线图
作者：惠卓瑶、汪津桦、毛书奇、王晨忆
一、引言
对于寻求进入资本市场并提升股票流动性的中小型企业而言，OTC 市场可作为纽约证券交易所或纳斯达克等主板交易所之外的可行选项。就战略规划而言，短期内，OTC 市场因成本较低、上市时间较短而更具吸引力；长期来看，它也可作为公司日后转板至全国性交易所的有力跳板。
OTC 市场通过去中心化的经纪商网络促成买卖双方交易，而非像交易所一样依赖撮合引擎技术。OTC 市场针对不同发展阶段的公司设有四个层级：OTCQX®最佳市场（“OTCQX”）、OTCQB®创业市场（“OTCQB”）、OTCID™基础市场（“OTCID”）以及 Pink Limited™ 市场（“Pink Limited”）。
二、OTCQX、OTCQB 与 OTCID 的初始准入资格
确定合适的市场层级前，公司应先根据各层级的资格要求进行初步评估。以下为各层级的主要准入条件。
OTCQX 与 OTCQB
OTCQX 面向已具备一定规模的美国与国际公司要求企业满足较高的财务标准，遵循最佳公司治理实践，遵守美国证券法并保持信息披露的及时性。OTCQB 则面向创业及发展阶段的美国及国际公司。两者的准入条件虽有部分重叠，但在某些方面存在差异。
2026年3月5日，OTC Markets Group发布了OTCQX规则修订草案并公开征求意见，该修订预计于2026年4月6日生效（以下简称“OTCQX拟议修订”）。
不合格情形 |
空壳公司、空白支票公司（不含 SPAC公司——SPAC公司需由OTC Markets Group逐案审议决定是否准入）以及处于破产或重组程序的公司不符合准入要求。 |
注册与报告状态 |
需满足以下任一条件：
|
“低价股”豁免 |
就OTCQX而言，需满足以下之一条件：
根据OTCQX拟议修订，未能满足收入或净有形资产测试的公司，经OTC Markets Group全权酌定，可依据5美元买入报价测试有条件地获得OTCQX资格，直至其下一份年度报告发布为止。届时，公司必须满足收入或净有形资产要求。 |
财务报表 |
提供经审计的年度财务报表以及经审计或未经审计的中期财务报告。 |
股东 |
至少 50 名实益股东，每人持股不少于 100 股。 根据OTCQX拟议修订，持有至少100股的最低整手股东人数将从50名提高至100名。 |
买盘价i |
OTCQX：每股 0.25 美元；OTCQB：每股 0.01 美元。 |
市值 |
OTCQX：不少于 1,000 万美元 根据OTCQX拟议修订，最低市值要求将从1,000万美元提高至2,500万美元。 |
自由流通公众持股ii |
OTCQX或OTCQB要求拟交易证券类别的已发行流通股中，自由流通部分不低于总股数的10%。 根据OTCQX拟议修订，所有公司的自由流通公众持股市值须不低于500万美元，且每类在OTCQX挂牌的证券还须满足以下流通分布标准之一：
|
价格报价与做市商 |
就OTCQX而言，须有两家做市商在OTC Link ATS上发布自营报价。如果公司系根据1934年《证券交易法》（经修订）下的Rule 15c2-11进行首次报价资格审查并同时申请OTCQX，则须在获准加入OTCQX后三个工作日内有一家做市商报价，并在获准后90日内有两家做市商发布自营报价。 |
公司治理 |
董事会至少包括两名独立董事，并设立由独立董事占多数的审计委员会。 根据OTCQX拟议修订，审计委员会须至少有两名成员。 |
过户代理 |
公司的过户代理须参与“过户代理验证股份计划” |
OTCID
OTCID 定位于发布基础信息的公司。此类公司需提供持续的财务披露与管理层认证，并向美国投资者、经纪商和监管机构提交公司验证信息。OTCID的要求相较于OTCQX和OTCQB大幅简化。
报告标准 |
需满足以下任一条件：
|
财务报表 |
需提供经审计的年度财务报表以及经审计或未经审计的中期财务报告。 |
三、做市商提交Form 211
如发行人未在申请OTCQX或OTCQB的同时由OTC市场进行Rule 15c2-11下的首次挂牌资格审查，或OTC市场决定不对该发行人进行首次审查，则发行人将需要依赖一家做市商，为其向美国金融业监管局（FINRA）汇编并提交 Form 211 所要求的信息。为符合Rule 15c2-11的要求，发行人须在报价启动前向做市商提供详尽的发行人信息供其审查。FINRA批准Form 211后，提交该表格的做市商即可开始在OTC Link ATS上对该证券进行报价。
做市商在提交Form 211时可能有其自身的实务或政策性要求。下文表格列示了做市商的参考性要求，发行人应就任何适用的门槛或附加条件咨询提交Form 211的做市商。
要求 |
最低标准 |
股东 |
≥ 30 名整手（round‑lot） 股东 |
总发行股份 |
≥ 1,000,000 股 |
自由流通股 |
≥ 250,000 股 |
四、OTC Markets Group 审核与批准
提交申请后，OTC Markets Group 的审核人员会与公司联系，并可能要求补充材料。获批后，公司证券可在相应的OTC市场层级开始挂牌交易。
— — — — — — — — — — — — — — — — — — — —
i 以公司获准进入OTCQX前连续30个日历日的每日收盘价为准。在规定情形下，若公司证券此前在美国无公开市场，OTC市场可考虑豁免此要求。
ii “公众持股”是指不受限制的股份总数，但不包括由以下人士直接或间接持有的股份：(i) 关联方；(ii) 公司高管及董事的家庭成员；以及 (iii) 实益持有公司已发行流通股10%或以上的人士的家庭成员。
