Pryor Cashman Approved as Designated Advisor for Disclosure and Principal American Liaison (PAL) to Companies Whose Shares Trade on OTCQX Market
Pryor Cashman LLP has been approved by OTC Markets Inc. to serve as a Designated Advisor for Disclosure (DAD) and Principal American Liaison (PAL) to public companies whose shares trade on the OTCQX market.
The OTCQX market is an inter-dealer electronic quotation and trading system in the over-the-counter securities market that is generally geared toward small and medium U.S. public companies that meet the OTCQX’s listing standards and non-U.S. companies that are listed on qualifying foreign exchanges.
The OTCQX is considered by many as a final step for U.S. reporting companies toward listing on a national exchange, such as NASDAQ or the NYSE. For non-U.S. companies trading on a qualifying foreign exchange, the OTCQX provides a trading venue in the U.S. without the need for periodic SEC reporting.
All companies that trade on the OTCQX must appoint a DAD (in the case of a U.S. company) or a PAL (in the case of a non-U.S. company) to provide on-going disclosure advice and guidance. Only approved law firms, FINRA member firms and ADR banks may serve as a DAD or PAL. Only a small number of law firms have been currently approved to serve as a DAD or PAL and Pryor Cashman LLP is proud to be one of them.
