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  Listing Council Decision 2018-3
Identification Number 1663

Rule 5550. Continued Listing of Primary Equity Securities

A Company that has its Primary Equity Security listed on the Capital Market must continue to meet all of the requirements set forth in Rule 5550(a) and at least one of the Standards set forth in Rule 5550(b).  Failure to meet any of the continued listing requirements will be processed in accordance with the provisions set forth in the Rule 5800 Series.  (a) Continued Listing Requirements for Primary Equity Securities: … (2) Minimum bid price of at least $1 per share.

Issue: At issue is whether the Listing Council will review the decision of the Panel where the Company asked that the Council consider only the Company's arguments before the Panel – which the Panel rejected in its decision -- and the Company did not make any arguments on appeal as to why the Panel's decision was incorrect.

Determination: Affirm the decision to suspend and delist the Company.

After a review of the record in this matter, the Listing Council affirms the Panel's decision.  The Company has asserted no grounds whatsoever in its appeal for the Listing Council to reverse the Panel's decision, as reconsidered on July 31, 2018.   In absence of any assertion that the Panel erred in its July 31 decision – a decision which squarely addressed the arguments that the Company made in its request for reconsideration – or that extraordinary circumstances have occurred that call the Panel's decision into question, the Listing Council will not substitute its judgment for that of the Panel.  Simply put, it is not the role of the Listing Council, in considering an appeal that a listed company has submitted to it, to search on its own for grounds to scrutinize the Panel's reasoning.  If the Company has a quarrel with the Panel, then it is the job of the Company – and more pointedly, its advisor – to submit a brief which states those grounds in writing and does so with specificity.  Absent a call for review – which has not occurred in this matter – the job of the Listings Council is to evaluate the arguments that a listed company presents to it on appeal, not to divine those arguments in the first instance.


Publication Date*: 11/29/2018 Mailto Link Identification Number: 1663
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