BABL 06/29/2023 Q2 Update Brings Both Challenges and Progress
The second quarter of 2023 has presented some challenges for the stock market, particularly with the implementation of OTC rules changes from the previous year. BABL, a company listed on the stock market, experienced the impact of these changes firsthand. At the start of the quarter, BABL had a Pink status, but due to a rule disclose change in 2022, their Q1 submission did not meet the required criteria. As a result, OTC Markets downgraded the company to ‘Expert Market,’ causing concern among investors. However, BABL’s legal team promptly reviewed and resubmitted the necessary information, leading to the reinstatement of the company’s Pink status. This turnaround is a positive development for BABL and its shareholders.
Throughout the second quarter, BABL has been diligently addressing inquiries from FINRA, the Financial Industry Regulatory Authority. These inquiries are part of the process for getting approval for a reverse merger initiated in 2021. While the company had anticipated the much-awaited FINRA approval in Q2, it is still undergoing review. Despite the delay, BABL remains patient and committed to keeping shareholders informed as soon as positive news arrives. The company is hopeful that July will bring the long-awaited approval, marking a significant step forward for their business.
In terms of operations, Q2 began on a positive note for BABL as Sendwyre approved their application for a FIAT payment process. However, further delays arose in converting this approval into an operational platform due to coding issues. Nevertheless, the company is pleased to announce that this process has now been successfully completed. By the first week of July 2023, BABL will begin testing the platform with a select group of trialists. If all goes well, the company plans to launch the platform during the third week of July, signaling an exciting opportunity for expansion and growth.
Ben Quick, the CEO of The NFT Marketplace Ltd, which includes BABL, expressed his gratitude for everyone’s patience during these challenging times. He acknowledged the efforts made by the team to overcome obstacles and remain dedicated to delivering positive outcomes for shareholders. With the upcoming launch of the FIAT payment platform, BABL aims to position itself as an accessible and customer-friendly entity, ready to cater to the needs of its users.
It is important to note that the challenges faced by BABL highlight the ongoing changes and complexities within the market. Regulation updates and compliance requirements can impact companies of all sizes, as evidenced by BABL’s experience. Such situations emphasize the importance of adaptability, diligence, and prompt response to regulatory changes to ensure stability and compliance for businesses operating in the stock market.
BABL’s determination to navigate these challenges and achieve sustainable growth reflects the company’s long-term vision. As the platform prepares to open its doors for business, investors and stakeholders eagerly await the next chapter in BABL’s journey, hoping for a July filled with positive news and opportunities for acceleration and expansion.
