RocketFuel confirmed that its common stock is expected to be downgraded from the OTCQB to the OTC Expert Market on January 17, 2024, following its decision not to file its quarterly report for the quarter to September 30, 2023.
The company said it was forced to cut operating costs, including accounting and auditing expenses after an investor defaulted on its commitment for a sizeable investment.
Only broker-dealers and professional or sophisticated investors are permitted to view quotations in Expert Market securities but there are no restrictions on buying or selling by investors, it said.