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  Listing Council Decision 2003-18
Identification Number 662

Rule 4310(c)(2)(B): $2,500,000 shareholders’ equity requirement, or its alternatives, for continued listing on the SmallCap Market.

Issue: The company did not meet the minimum shareholders’ equity requirement or its alternatives. The company planned to regain compliance by acquiring another company and completing a private placement.
Determination: The company was properly delisted for failure to comply with the shareholders’ equity requirement. The company did not provide any definitive documentation to evidence compliance with the shareholders’ equity requirement. Furthermore, even if the company completed their plan, it had a history of losses. In analyzing whether a company will be able to regain and sustain compliance with the shareholders’ equity requirement over the long term, the Listing Council reviews the company’s recent losses and how such losses would affect shareholders’ equity over the next 12-month period. As such, the company did not demonstrate sustainable compliance.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 662
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