Biloxi Marsh Lands Corporation Announces Creation of Electronic Bulletin Board for Trading of its Shares

Rhea-AI Summary

Biloxi Marsh Lands Corporation (BLMC) announced the creation of a passive electronic stock-trading bulletin board to increase shareholder liquidity. This platform will allow investors to post buy and sell notices for BLMC shares, facilitating direct communication among them. The company will not act as a broker, and transactions will be self-arranged. Following the SEC's amended Rule 15c2-11, BLMC's compliance will raise operational costs as it must maintain GAAP financial statements. The electronic bulletin board is expected to launch by the end of Q1.

Positive

• Creation of a passive electronic stock-trading bulletin board to enhance liquidity for shareholders.
• Platform allows direct communication between shareholders, simplifying transactions.

Negative

• Increased costs due to the requirement for GAAP financial statement maintenance.
• Compliance with SEC regulations post-September 28, 2021 might strain resources.

METAIRIE, La.--(BUSINESS WIRE)-- To give its shareholders more liquidity, Biloxi Marsh Lands Corporation today announced that it is creating a passive electronic stock-trading bulletin board. Using the bulletin board, shareholders and investors will be able to post notices of intent to buy or sell the Company’s common stock and to browse those posts for possible purchases or sales. Shareholders and investors can then directly communicate with each other to arrange the purchase or sale of the shares. Biloxi Marsh Lands Corporation will not act as a broker and participants will have to arrange for the delivery of payment and of shares themselves. The Company’s goal is to set up a 24/7 internet platform that will give our shareholders a forum to buy and sell the Company’s shares of common stock.

Previously, shares of Biloxi Marsh Lands Corporation had traded on the over-the-counter market under the symbol, “BLMC” and the shares were quoted on the Pink Sheets^©. After September 28, 2021 and the implementation of amended Rule 15c2-11, the SEC prohibited broker-dealers from quoting companies like Biloxi Marsh Lands Corporation, who do not provide financial statements that are prepared according to Generally Accepted Accounting Principles (“GAAP”).

Meeting the requirements of the amended SEC rule, which includes the conversion and maintenance of GAAP financial statements, will significantly increase costs to the Company, both in financial consideration paid to third parties and increased internal administrative expenses. The Company will continue its long-time practice of issuing current annual audited financial statements on the income tax basis of reporting and annual President’s Letter along with quarterly and special press releases. All this information has been and will be available on the Company’s website: www.biloximarshlandscorp.com.

Biloxi Marsh Lands Corporation hopes to have its electronic bulletin board up and running by the end of the first quarter of this year. Biloxi Marsh Lands Corporation is not a registered national securities exchange, information processor, broker, dealer, or investment adviser.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220128005476/en/

Biloxi Marsh Lands Corporation

Eric Zollinger: 504-837-4337

Source: Biloxi Marsh Lands Corporation

FAQ

What is Biloxi Marsh Lands Corporation's new electronic bulletin board for BLMC shares?

Biloxi Marsh Lands Corporation is launching a passive electronic stock-trading bulletin board to facilitate shareholder liquidity by allowing them to post buy and sell notices.

When is the electronic trading bulletin board for BLMC expected to launch?

The electronic bulletin board for Biloxi Marsh Lands Corporation is expected to be operational by the end of the first quarter.

What are the implications of the SEC's amended Rule 15c2-11 for BLMC?

The amended Rule 15c2-11 imposes stricter requirements for BLMC, necessitating GAAP financial statements, which could significantly increase the company's operational costs.

How will the bulletin board affect trading for BLMC shares?

The bulletin board will enable direct communication between shareholders, allowing them to arrange transactions without a broker.