SpaceDev Inc. [SPDV] has filed a Form 10-SB registration statement with the SEC to become a fully reporting company taking a necessary step toward advancing from the OTC Bulletin Board to the NASDAQ Small Cap market.

"The filing 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," said Jim Benson, chairman and CEO of SpaceDev.

As a reporting company, the commercial space exploration and development pioneer will be required to file annual reports, quarterly reports and notify unusual business events. In addition, SpaceDev will be required to solicit proxies for its annual meeting as well as report other requirements to management shareholdings.