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  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
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