METAIRIE, La.--(BUSINESS WIRE)--To give its shareholders more liquidity, Biloxi Marsh Lands Corporation today announced that it is creating a passive electronic stock-trading bulletin board. Using the bulletin board, shareholders and investors will be able to post notices of intent to buy or sell the Company’s common stock and to browse those posts for possible purchases or sales. Shareholders and investors can then directly communicate with each other to arrange the purchase or sale of the shares. Biloxi Marsh Lands Corporation will not act as a broker and participants will have to arrange for the delivery of payment and of shares themselves. The Company’s goal is to set up a 24/7 internet platform that will give our shareholders a forum to buy and sell the Company’s shares of common stock.
Previously, shares of Biloxi Marsh Lands Corporation had traded on the over-the-counter market under the symbol, “BLMC” and the shares were quoted on the Pink Sheets©. After September 28, 2021 and the implementation of amended Rule 15c2-11, the SEC prohibited broker-dealers from quoting companies like Biloxi Marsh Lands Corporation, who do not provide financial statements that are prepared according to Generally Accepted Accounting Principles (“GAAP”).
Meeting the requirements of the amended SEC rule, which includes the conversion and maintenance of GAAP financial statements, will significantly increase costs to the Company, both in financial consideration paid to third parties and increased internal administrative expenses. The Company will continue its long-time practice of issuing current annual audited financial statements on the income tax basis of reporting and annual President’s Letter along with quarterly and special press releases. All this information has been and will be available on the Company’s website: www.biloximarshlandscorp.com.
Biloxi Marsh Lands Corporation hopes to have its electronic bulletin board up and running by the end of the first quarter of this year. Biloxi Marsh Lands Corporation is not a registered national securities exchange, information processor, broker, dealer, or investment adviser.