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Frequently Asked Questions
  What factors should a company consider when preparing a submission to a Hearing Panel?
Identification Number 1023
Please note the following suggested guidelines: a submission should be definitive, concise, and directly address the company's plan to regain compliance in the near term and maintain compliance over the long term. It should include a time-table for meeting milestones; supporting documentation for any proposed transactions; and financial projections, where applicable. If, for example, the deficiency is shareholders' equity, the submission should include a balance sheet and income projections for the next 12 months, with all underlying assumptions clearly stated. Compliance plans that rely on future projected revenues for compliance with the equity requirement are generally not accepted unless the company has definitive contracts and the revenue will be received in the near term. If a transaction will remedy the deficiency, include a balance sheet and income statement evidencing the pro forma effect of the transaction, and showing three columns of data: historical, all adjustments, and the pro forma totals. If a company's plan of compliance includes a private placement involving common stock, convertible securities, a merger, debt conversion, or other similar transactions, it must comply with Nasdaq's Listing Rules and corporate governance requirements, particularly the shareholder approval rules. Please contact Staff in Listing Qualifications by phone at +1 301 978 8008 or Hearings at +1 301 978 8203 for further guidance on these matters.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 1023
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