Financial technology and software development firm APT Systems Inc (OTCMKTS:APTY) came into sharp focus among investors yesterday and soared by as much as 44% after the company made a major announcement.
The company revealed that it concluded the inaugural unofficial phase of getting complaint with amendments made to the Exchange Act Rule 15c2-11 by the United States Security and Exchange Commission. It is a new regulation that is meant for providing greater protection to investors who participate in the OTC Markets. It stipulates all companies to provide disclosures with regards to its financials to the market before September ends.
APT Systems stated that it is fully committed to providing the market place with the financial disclosures on time so that the stock can continue to trade on the OTC Markets. The application fees and the relevant company information have already been submitted to the OTC Markets.
However, it should be noted that this is only the first phase of the whole process. The last phase is going to be completed when the company is registered on the OTC Markets and is given access to the OTC Disclosure & News Service platform. In the meantime, investors could consider keeping an eye on the stock.
Market Reaction:
On Monday, APTY stock gained by 44.30% to $0.0114 with more than 245.98 million shares, compared to its average volume of 62.42 million shares. The stock has moved within a range of $0.0085 – 0.0129 after opening the trade at $0.0933. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0185.
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