 An APO is a quick transaction compared to an initial public offering (IPO).At the closing of an APO, the public shell and private company sign merger documents to complete the reverse merger; file a 8K with the Securities and Exchange Commission (SEC), which is the required public disclosure of transaction; file a registration statement with the SEC to register the PIPE shares; release PIPE funds from escrow; and issue a press release announcing the completion of the transaction.The company's stock now begins trading on the OTCBB, reflecting the new valuation.