Global Asset Management Group (OTC:GAMG) reported that a broker-dealer-sponsored Form 211 submission for its common stock has been processed by FINRA under Rule 15c2-11, permitting the sponsoring broker-dealer, subject to rules and market conditions, to initiate quotations in GAMG shares.
The company also submitted an application to qualify for the OTCQB Venture Market, which remains subject to review and the company meeting ongoing eligibility, disclosure, governance, bid-price, shareholder and other requirements. GAMG said potential OTCQB qualification could enhance visibility and access to information but warned there is no assurance of approval, timing or impact on trading volume, liquidity or share price.
According to GAMG, these capital markets steps align with its strategy to acquire, develop and manage operating businesses, real estate and strategic assets while strengthening governance, financial reporting, advisory capabilities and acquisition infrastructure.
Global Asset Management Group (OTC:GAMG) outlined progress on acquiring and redeveloping the former Memorial Hospital campus in Pawtucket, Rhode Island into a mixed-use community focused on affordable and veteran housing.
The approximately 386,404-square-foot property is expected to reach a stabilized value of about $92 million, with projected annualized stabilized cash flow of roughly $7.8 million. Current plans contemplate around 200 residential units plus retail, healthcare, wellness, and community amenities. GAMG has also started the process to uplist its common stock to the OTCQB Venture Market, aiming to enhance market visibility and participation.