Pedro’s List Provides Corporate Update Regarding Situation with OTC Markets
- None.
- The CE designation has had a severe and negative impact on Pedro's List Inc.'s business and shareholders.
LAS VEGAS, NV / ACCESSWIRE / January 8, 2024 / Pedro's List Inc. (OTC PINK:PDRO) ("Pedro's List" or the "Company"), a next-generation service provider connection app designed to bring consumers together with home-related service providers in Mexico, is pleased to provide this update regarding the Caveat Emptor (CE) that was placed on the PDRO ticker after trading hours on Thursday September 28, 2023.
As previously announced, on October 27, 2023, the Company provided OTC Markets with all information requested in its quest to have the CE designation removed from its ticker. From that date, and through to December 8, 2023, the Company promptly responded to each request for information made by OTC Markets thoroughly and completely. Despite such transparency, unfortunately, the Surveillance Team at OTC Markets decided on that day (December 8, 2023) to "monitor the security for a minimum period of six (6) months" before conducting another review to remove the designation.
"The placement of the CE resulted directly from our application for the OTCQB. In other words, we tried to up list the Company and it resulted in a situation that has had a severe and negative impact on our business and on our shareholders. While we can appreciate that OTC Markets has to make difficult judgement calls, we do not feel that their conclusion here is in any way justified," stated Eden Miller, co-founder and Director of the Company. "OTC Markets made the conclusion that Public Policy concerns warranted not removing the CE designation, but failed to ask a single question about those concerns. Though we answered every question in detail, some of the questions asked were perplexing and none of their questions ever afforded us a fair opportunity to have the CE designation removed. For example, we were asked to provide a NOBO list for a nine month period, something that is impossible as NOBO lists are generated by a third party provide and provide beneficial shareholder information for a single day only, but we were never asked to address their actual concerns. The system failed us and our shareholders, and that is truly disheartening."
As previously disclosed, internal investigations were conducted at the time the CE was placed on the Company's ticker, and all indications are that the CE placement relates to the Company's submission of its QB application and, specifically, certain information provided by the Company to OTC Markets in connection therewith. Unfortunately, OTC Markets analyzed that information and made the CE placement decision without prior communication with any member of the Company's management team. While we understood the initial rationale behind the decision to place the CE on the PDRO ticker symbol, the Company fails altogether to comprehend the decision to not remove the CE designation by OTC Markets.
"OTC Markets has full and complete authority and autonomy in these matters, and we were very clear in answering their questions. It seems, however, that the reason given to not remove the CE designation is based on conclusions for which they never requested any information to try and understand. In fact, OTC Markets was more interested in asking about the credit card I used to pay the transfer agent than in resolving their concerns. They simply made a decision, and failed to investigate that decision, instead focusing on other matters knowing the whole time they were never removing the CE designation. None of the questions they asked had any bearing on the conclusion reached - meaning, we do not believe that we were given a fair and legitimate opportunity to have the CE designation removed," concluded Miller.
"We have no choice but to comply with the baseless conclusion reached by OTC Markets, and what makes this worse is that they have no process by which we can appeal the decision. In fact, they never even advised properly what factors or methodology go into making this decision and there seems to be a complete void in reaching out telephonically to anyone to substantively discuss this matter," said Miller. "It really is an unfortunate situation that has led us to seek legal advice on this matter to see how we can solve this for our shareholders because it is them that suffer at the end of the day since our business is so severely impacted by this."
"OTC Markets has a self-proclaimed mission to protect investors, however leaving a CE designation on our security for six months does not change our shareholder base, does not change the parties that have loaned us money for operations and does not help protect anyone. The only thing that could have helped were questions by OTC Markets to have us address their concerns, and never did such a single question come. In fact, the only attempt to address their true concerns were affirmatively made by us, without any prompting or in response to any question, in our initial communication with OTC Markets about the decision to place the CE designation on our stock. The power that OTC Markets has been given allows them to act as a dictator in a judge, jury and executioner setting, without any process for appeals or review, and that does not protect companies or investors, just allows them to be omnipotent," concluded Miller.
The Company remains committed to delivering on its business objectives and strategy, and it is "business as usual" in terms of business development and launching operations in Mexico.
If shareholders and/or other interested parties would like to voice their support to have the CE designation removed, we welcome them to send us an email to removethece@pedroslistinc.com.
Further updates regarding the CE will be provided as they become available.
ABOUT PEDRO'S LIST INC.
Pedro's List Inc. is fully reporting company with the Securities & Exchange Commission that trades on the OTC under the symbol "PDRO." Presently, the Company's operations are based solely in Mexico where we focus on connecting homeowners and consumers with service professionals for home repair, maintenance and improvement projects. Pedro's List provides the technology tools and resources to allow homeowners to find local pre-screened, customer reviewed service professionals and instantly book appointments online or through the mobile application. An experienced team has been assembled to implement the plan to offer these services to consumers in a better way and significantly benefit service providers through technology. Our plan is to expand to other non-USA based markets once we successfully launch our mobile app and functional homeowner/provider website.
SAFE HARBOR FORWARD LOOKING STATEMENTS
This press release may contain forward looking statements that are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected revenue, contracts, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC) and on the OTC Disclosure & News Service (OTCDNS). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC and/or OTCDNS. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to the risk that we will not be able to find and secure construction contracts and the necessary assets that will enable us to become profitable. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC and/or OTCDNS filings. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business in the construction industry may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time. Words such as "estimate," "project," "predict," "will," "would," "should," "could," "may," "might," "anticipate," "plan," "intend," "believe," "expect," "aim," "goal," "target," "objective," "likely" or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.
From time to time, the Company may post new and material information on its corporate website or through its social media profiles at the links below:
https://www.pedroslistinc.com
https://www.facebook.com/pedroslistmx
https://www.instagram.com/pedroslist/
https://www.reddit.com/user/pedroslist
https://www.linkedin.com/company/pedroslist/about/
SOURCE: PEDRO'S LIST, INC.
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FAQ
What update did Pedro's List Inc. provide regarding the Caveat Emptor (CE) designation on its ticker?
What was the outcome of the Company's efforts to have the CE designation removed from its ticker?
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