RocketFuel Provides Details on Downgrading to OTC Expert Market
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- The downgrade of RocketFuel's common stock to the OTC Expert Market may limit public visibility of quotations, potentially impacting investor confidence and trading activity.
San Francisco, Jan. 16, 2024 (GLOBE NEWSWIRE) -- RocketFuel, Inc. (OTCQB: RKFL) (“RocketFuel” or the “Company”), a global provider of payment solutions via ACH bank transfers, Bitcoin, Stablecoins, and other cryptocurrencies, confirmed that its common stock, currently traded on the OTCQB market, is expected on January 17, 2024 to be downgraded to the OTC Expert Market.
Quotes in the Expert Market are “Unsolicited Only.” This means broker-dealers may use the Expert Market to meet their Best Execution responsibilities under FINRA Rules and publish unsolicited quotes representing Limit Orders from retail and institutional investors who are not affiliates or insiders of the company. Quotations in Expert Market securities are restricted from public viewing. Only broker-dealers and professional or sophisticated investors are permitted to view quotations in Expert Market securities.
Despite the restrictions on who can view quotations, the Expert Market does not impose restrictions on the ability of an investor to buy or sell a security. For further information see https://blog.otcmarkets.com/2021/03/25/understanding-the-expert-market.
The reason for the downgrade is the Company’s decision not to file its quarterly report on Form 10-Q for the quarter ended September 30, 2023 (FQ2).
Peter Jensen, RocketFuel’s CEO, commented: “Since the launch of our first product, we have doubled our revenue each quarter, introduced new products, and processed more than 550,000 payment transaction for 125,000 shoppers and companies thanks to a constant increase in merchants and partners adopting our technology. However, with the recent default in an investor’s commitment for a sizeable investment, we have been forced to cut operating costs, including accounting and auditing expenses.
We believe that the value of a young software company is a function of its revenue, growth, profit, customers, and products and that our market cap is undervalued compared to similar privately based companies. Our objective is to maximize the value of our company to the benefits of our stakeholders and we have therefore decided to focus our expenditures and management time on continuing to grow these metrics.
“We are reiterating our revenues for FQ2 (ending September 30, 2023) at
About RocketFuel, Inc.
Companies around the world use RocketFuel’s integrated payment suite to send and receive payments in crypto or FIAT currencies, transfer large amounts cross border using Blockchain, and stablecoins, and more. RocketFuel Commerce Pay-in allows merchants to accept payments online or in store with a simple, easy-to-use, one-click checkout process to make payments with bank transfers, Bitcoin and 160+ cryptocurrencies. RocketFuel Mass Pay-out allows businesses to easily distribute funds to customers or partners, streamlining processes and increasing efficiency. For businesses involved in cross-border transactions, RocketFuel’s B2B cross-border crypto payment solution offers a secure and cost-effective way to send and receive payments internationally. More information about RocketFuel is available at: www.rocketfuel.inc
Forward-Looking Statements Disclaimer:
The Company believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Terms such as “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “pro-forma,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. Such forward-looking statements, including but not limited to statements regarding the plans and objectives of management for future operations, are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, market acceptance of the company’s products and services; competition from existing products or new products that may emerge; the implementation of the company’s business model and strategic plans for its business and our products; estimates of the company’s future revenue, expenses, capital requirements and need for financing; current and future government regulations; and developments relating to the company’s competitors. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them. For further information on such risks and uncertainties, you are encouraged to review the Company's filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the fiscal year ended March 31, 2023 and Quarterly Report on Form 10-Q for the fiscal year ended June 30, 2023. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
For more information, contact: cfo@rocketfuel.inc.
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