SpaceDev has filed a Form 10-SB registration statement with the Securities and Exchange Commission (SEC) to become a fully reporting company, one of the necessary steps the company must take to advance from the OTC Bulletin Board (OTCBB) to the NASDAQ Small Cap market. The document was filed on Jan. 18, 2000 and will be appearing on the SEC's Web site.
SpaceDev offers low cost commercial lunar, Mars and asteroid missions for sale as turnkey commercial products, a first for the industry. Also a first, SpaceDev offers fixed-price package delivery for science instruments and technology demonstrations into earth orbit, deep space and to other planetary bodies.
Jim Benson, Chairman and CEO of SpaceDev, said, "The filing of our Form 10-SB represents a significant milestone for our company. SpaceDev's dissemination of financial information will be easily accessible to our investors and other interested parties and keep them updated with regards to the Company's financial position and performance."
The filing is in response to the new NASD Eligibility Rule for OTCBB companies requiring all companies listed on the OTCBB to effectuate and maintain reporting company status in accordance with the U.S. Securities Act of 1934. Under the new Eligibility Rule the Company is required to attain reporting company status by April 2000. The Company anticipates the filing will satisfy the new Eligibility Rule.
As a reporting company, the Company will be required to file annual reports on form 10-KSB, quarterly reports on Form 10-QSB, and reports or unusual events on Form 8K. The Company will be required to solicit proxies for its annual meeting in accordance to Section 14 of the Securities Exchange Act of 1934 and other reporting requirements will apply to management shareholdings.
SpaceDev's is currently designing small, inexpensive orbital transfer vehicles (e.g. satellite inspectors and space tugs), and secondary payload micro-kick motors. SpaceDev has acquired hybrid sounding rocket, motor, and launch vehicle designs, and intellectual property rights produced by the former American Rocket Company (AMROC).
