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There is still some debate as to the pros and cons of using a "blank check reporting company" to go public on the OTCBB Exchange. Blank check companies that already report to the SEC give credibility to small companies trying to raise capital as investor's have access to complete transparency by viewing the company's filings with the SEC. If a private company does not need to raise capital immediately prior to going through the "going public" filing process a blank check company may be a waste of money as the company will have to file a registration statement regardless if they merge with a reporting company or not. A company must have a minimum of 35 non-affiliated shareholders that have freely tradeable shares in order to obtain a listing on the OTCBB Exchange.

In order for a company to have shareholders with freely tradeable shares they must sell shares in a share offering and then registrar the shares that they have sold. Sometimes companies registrar shares for re-sale prior to seeking out investor's. This method usually just delays the process of going public as a company cannot file a "15C211" filing with FINRA to obtain a trading symbol unless their shareholder base is in place.