The changing dynamics of the public markets has made it such that NASDAQ and NYSE access for smaller reporting companies is not only possible, but also preferable. However, as with anything, there are caveats, and your company needs to be prepared. There are two concluding thoughts to consider beyond the pros and cons listed above.
Is your business right for uplisting? Sometimes the industry your firm operates in already receives greater scrutiny. The SEC will not weigh in on your decision to uplist, but the market certainly will. Crypto businesses, firms with significant ties to certain foreign markets, or those with ESG (environmental, social and governance) issues may find staying on the OTC markets more to their liking.
Are you ready to uplist? Beyond the compliance and regulatory requirements, investors expect trusted public companies and their executives to behave like trusted entities. Your firm needs to earn the trust of the market and continually demonstrate it in your words, actions, and results. The goal is to achieve long-term prominence on a national exchange, not to fall back to the OTC several quarters later. Leadership is critical component to uplisting success.