# SECTION 11 - INITIAL PUBLIC OFFERING (IPO) PROCEDURES

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#### 11A – Launch Process

Tier 2 Violation\
To initiate an IPO, the IPO Launch Form must be completed and submitted for approval before proceeding.

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#### 11B – Share Price Requirement

Tier 2 Violation\
IPO shares must be priced at a minimum of $5 each for the offering to qualify for publication. Offers below this threshold will not be accepted.

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#### 11C – Delisting Penalty

Tier 1 Violation\
Removing a company from the market requires payment of a $250,000 fee. Each subsequent delisting will incur an additional $100,000 penalty. 

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