Understanding OTC Markets
An overview of the U.S. over-the-counter markets, including how OTC securities are traded, the role of market makers, and the differences between OTC tiers.
Market Education
Small-Cap Market Education
Neutral educational material to help investors understand OTC market structure, SEC reporting requirements, regulatory filings and the risks associated with smaller public companies.
OTCQX, OTCQB, OTCID, Pink Limited and the Expert Restricted Market
A guide to the principal OTC Markets designations, including OTCQX, OTCQB, OTCID, Pink Limited and the Expert Restricted Market, with an explanation of their differing disclosure, eligibility and quotation characteristics. Note: Pink Current ceased to exist in July 2025 and was replaced by OTCID.
SEC Reporting Requirements for Public Companies
An explanation of the SEC reporting obligations applicable to public companies, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
How to Use SEC EDGAR
A practical guide to navigating SEC EDGAR, the SEC's electronic filing system, to locate company filings, financial statements and other regulatory disclosures.
How to Read a 10-K Annual Report
A walkthrough of the key sections of a 10-K annual report, including the business description, risk factors, financial statements and management's discussion and analysis.
Understanding Form 8-K Current Reports
An explanation of Form 8-K, the SEC current report used to disclose material events, and why investors should monitor 8-K filings for significant company developments.
Dilution and Convertible Securities
An explanation of how dilution occurs in small-cap companies, the role of convertible notes and preferred stock, and why investors should review a company's capital structure.
Risks Associated with Micro-Cap Securities
A review of the particular risks associated with micro-cap and small-cap securities, including limited liquidity, wide bid-ask spreads, limited financial resources and regulatory risks.
Understanding OTC Markets' Stock Promotion Policy
An explanation of what OTC Markets considers stock promotion, why disclosure matters, and the distinction between legitimate investor relations and misleading promotional claims.
Due Diligence for Small-Cap Investors
A framework for conducting independent due diligence on small-cap and OTC companies, including reviewing primary-source filings, understanding risk factors and evaluating management.