referencelibrarybanner
Board Diversity
Reference Library - Advanced Search
Find
 


Library 
 
Timeframe
Category
 
Sub-Category
** To make multiple selections, select the first criterion and then press and hold the Ctrl Key **
 
1- 1 of 1 Search Results for:
Libraries:   Listing Council Decisions
Filters:   All Years; Continued Listing; All
 
Search   Clear


Expand All Printer Friendly View Mailto Link 
Page: 1 of 1
Frequently Asked Questions
  Listing Council Decision 2004-5
Identification Number 655
Rule 4310(c)(2)(B): For continued inclusion, the issuer shall maintain: (i) stockholders' equity of $2.5 million; (ii) market value of listed securities of $35 million; or (iii) net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.
 
Issue: The company, a Foreign Private Issuer, no longer satisfied the stockholders’ equity requirement. The company planned to regain compliance by acquiring a similar business, reporting income, raising additional equity from a private placement, the exercise of warrants by warrant holders, and the conversion of debt into equity by note holders.
 
Determination: The company was properly delisted for failure to comply with the stockholders’ equity requirement. The company did not provide any definitive documentation or timetable to indicate when the company expected to achieve its plan. The company had been non-compliant for approximately fifteen months and still had not made a public filing demonstrating compliance. The company had not filed any reports on Form 6-K or issued any press releases that evidenced that the acquisition had closed, and the company had not provided any specific information or documentation to demonstrate that it had stemmed its current reported losses and would be able to generate income in the near or long term. Furthermore, there was uncertainty as to whether the holders of the warrants or notes would choose to exercise their rights, and if so, the timing of such exercises or conversions.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 655
Page: 1 of 1
home_footer_links
Copyright_statement
App Store       Google Play       Listing Center Content RSS Feed
The Nasdaq Stock Market, Nasdaq, The Nasdaq Global Select Market, The Nasdaq Global Market, The Nasdaq Capital Market, ExACT and Exchange Analysis and Compliance Tracking system are trademarks of Nasdaq, Inc.
FINRA® and Financial Industry Regulatory Authority, Inc.® are registered trademarks of Financial Industry Regulatory Authority, Inc.