NextMart, Inc. - Shell Company Status Removal

Rhea-AI Summary

NextMart, Inc. (NXMR) has announced the removal of its "Shell Company" status by OTC Markets, following the completion of its initial acquisitions in January and March 2022. This change signals a shift towards greater transparency and credibility for investors. CEO William Bouyea emphasized the company's commitment to filing a Form 15c2-11, which would enable more market makers to quote NXMR stock, potentially reducing bid/ask spreads and enhancing trading volume. The company is actively seeking further business acquisitions to bolster its operations.

Positive

• Removal of "Shell Company" status enhances investor credibility.
• Plans to file Form 15c2-11 may improve stock liquidity and decrease volatility.
• Completion of initial acquisitions marks a step towards becoming a transparent issuer.

Negative

• None.

HOLYOKE, Mass., March 29, 2022 /PRNewswire/ -- NextMart, Inc. (the "Company" or "NXMR" - Pink Sheets Alternative Reporting Pink: NXMR) – NXMR would like to announce that the "Shell Company" status from the Company's landing page with OTC Markets, Inc. ("OTC Markets") has been removed.

Pursuant to Rule 405 as promulgated under the Securities Act of 1933 and Exchange Act Rule 12b-2, a Shell Company is a company, other than an asset-backed issuer, with no or nominal operations and either 1) no or nominal assets; 2) assets consisting of cash and cash equivalents; or 3) assets consisting of any amount of cash and cash equivalents and nominal other assets. The removal of the Shell Company warning on the Company's landing page with OTC Markets will not however allow the Company to utilize the safe harbor of Rule 144 to remove restrictive resale legends on restricted equity.

William Bouyea (CEO of the Company), states…"We no longer met the definition of a Shell Company with OTC Markets upon completion of our initial acquisition in January 2022.  As required by OTC Markets, we filed a supplemental filing last week stating we were no longer a Shell Company and followed that up with the filing of the acquisition agreements for Emco Oilfield Services, LLC (January 2022) and Defender Contracting, LLC (March 2022). Now that this step is completed, we are going to focus on getting a Form 15c2-11 filed so our stock qualifies for proprietary broker-dealer quotation. Again, this is another huge step in our corporate cleanup of the Company as we move forward to a becoming a more transparent issuer for investors."

A Form 15c2-11 approval will allow more market makers to quote the Company's stock which could lower the risk of wider bid/ask spreads, volatility, and price dislocations. Once the Form 15c2-11 is approved, brokers will be able to publish competing quotes and provide continuous market making.

 Forward Looking Statement

Certain statements that we make may constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. The statements contained herein may contain certain forward-looking statements relating to NXMR that are based on the beliefs of NXMR's management as well as assumptions made by and information currently available to NXMR's management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. These forward-looking statements include, without limitation, statements relating to the NXMR's business prospects, future developments, trends and conditions in the industry and geographical markets in which NXMR operates, its strategies, plans, objectives and goals, its ability to control costs, statements relating to prices, volumes, operations, margins, overall market trends, risk management and exchange rates.

ABOUT US

NextMart, Inc., a Delaware Corporation, is a public quoted Pink Sheet issuer under the ticker symbol "NXMR". Currently, NXMR currently is a shell company with a new management team with plans to become a current alternative reporting issuer with OTC Markets. The Company is currently looking for an appropriate business acquisition.

CONTACT:             

98 Lower Westfield Road
Holyoke, MA 01140

Phone: (602) 499-6992

Company Web Site: https://nextmartcorporation.com/

Emco Oilfield Services, LLC Web Site: https://emcooilfield.com/

Twitter: @CorporationNxmr

Company Email: info@nextmarkcorporation.com

Contact: William Bouyea, CEO

 

View original content:https://www.prnewswire.com/news-releases/nextmart-inc--shell-company-status-removal-301512433.html

SOURCE NextMart, Inc.

FAQ

What does the removal of NXMR's Shell Company status mean?

The removal indicates NXMR is no longer considered a Shell Company by OTC Markets, enhancing its credibility.

What are NXMR's plans following the Shell Company status removal?

NXMR plans to file a Form 15c2-11 to qualify for broader market maker quotations.

When were the acquisitions that led to NXMR's Shell Company status removal completed?

The initial acquisition for NXMR was completed in January 2022, with additional agreements in March 2022.

How will filing a Form 15c2-11 affect NXMR's stock?

Filing Form 15c2-11 could lower bid/ask spreads and increase liquidity by allowing more market makers to quote NXMR stock.

Who is the CEO of NextMart, Inc.?

William Bouyea is the CEO of NextMart, Inc.