Late last week, Singlepoint, Inc. (OTC: SING) CEO Greg Lambrecht was featured in an interview on MoneyTV with Donald Baillargeon, during which he discussed the company’s progress toward uplisting to the OTCQB Venture Market. After describing Singlepoint as on “the five-yard line, ready to punch it in,” Lambrecht added that the company planned to give an update on its progress toward the filing of its Form 10 with the FCC within the next week. Before the opening bell, Singlepoint did just that, offering prospective shareholders an update on the company’s corporate audit and uplisting plans.
This morning’s news release included details regarding the company’s corporate audit, for which it is currently in the final stages of preparation. Completion of this audit is required ahead of a planned uplisting to the OTCQB exchange. According to Singlepoint’s management team, once the audit is complete, which could be as early as next week, the company will file Form 10, also known as the General Form for Registration of Securities, with the Securities and Exchange Commission, effectively becoming a fully-reporting company. After the SEC accepts this submittal, Singlepoint will look to complete the process of uplisting to the OTCQB exchange within 60 days.
“We have diligently worked alongside MaloneBailey to prepare this audit and increase SinglePoint’s corporate and shareholder value,” Lambrecht stated in this morning’s news release. “Not only will the completion of these efforts provide us better financing options and allow institutional investors to invest directly on the open market, it also correlates with our M&A strategy.”
In June, Singlepoint announced the engagement of Milost Advisors, a global investment banking firm offering comprehensive advisory services, in order to pursue acquisitions and financing facilities. Shortly thereafter, the company issued a letter of intent to acquire the assets and technology of Mobile Bidding Technologies, Inc. (“MBT”). The firm’s primary platform, Text2Bid, takes aim at the traditional live auction market by enabling silent auctions by mobile phone.
The innovative technology “bridges the gap between traditional silent auction bid forms and the live auction by introducing a fun, high energy alternative to the traditional bid process,” according to MBT’s website. Leveraging the marketability of the Text2Bid platform, MBT currently generates more than $10 million a year in donations for its users. Singlepoint intends to finalize the MBT acquisition in the coming weeks following the completion of its corporate audit and subsequent filing of Form 10.
For more information, visit the company’s website at www.Singlepoint.com
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