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  Listing Council Decision 2003-13
Identification Number 667
Rule 4310(c)(2)(B): $2,500,000 shareholders’ equity requirement, or its alternatives, for continued listing on the SmallCap Market.
 
Issue: At the time of the Panel decision, the company did not meet the minimum shareholders’ equity requirement or its alternatives and its plan to raise additional equity was not sufficiently definitive. The company planned to regain compliance by completing private placements, converting debt to equity and earning a fee upon entering into a license agreement. Following the Panel’s delisting decision, the company’s stock price increased, which caused the company to meet the $35 million minimum market value of listed securities continued listing requirement, an alternative to the shareholders’ equity requirement.
 
Determination: The company had been deficient with the shareholders’ equity requirement or its alternatives for more than eight months. Under Listing Rule 4330(e), a security that has been terminated from NASDAQ must meet the initial listing requirements before reinclusion. Because the Panel appropriately delisted the company’s securities from the SmallCap Market, the initial listing requirements provide the correct standard for a review of the company’s listing qualifications. The company, however, did not meet the National Market initial listing requirements.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 667
material_search_footer*The Publication Date reflects the date of first inclusion in the Reference Library, which was launched on July 31, 2012, or a subsequent update to the material. Material may have been previously available on a different Nasdaq web site.
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