Rodman Announces Team for OTCBB

Rodman & Renshaw Capital Group Inc. announced the other day that two industry veterans will run the OTC Bulletin Board when they take it over from the Financial Industry Regulatory Agency (FINRA). A few tidbits come out of the release, since Rodman folks have all been mum since they announced in September that they had inked a deal. (Disclaimer: R&R is a client of our firm but we are not involved in the OTCBB transaction). First, it looks like they are planning to re-brand the current OTC Bulletin Board as the OTCBB, which is what everyone pretty much calls it anyway. Second, it appears some changes are afoot as they state that the new team is planning to set up a "trading alternative to the current market for unlisted securities." Third, it is our first evidence that Rodman intends to actually operate the platform vs. just use the domain name and other assets for other purposes. Last, they indicate that more information about the transaction will be disclosed in early 2012. I wonder if that means they don't plan on completing the acquisition until then, but it sounds like it. Interesting stuff! We'll keep you up to speed as we learn more.

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