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  Listing Council Decision 2003-16
Identification Number 664
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 restructuring agreements with third parties to minimize the treatment of those agreements as long-term liabilities; improving its earnings through accelerated expense reductions and revenue generation from a price increase; and pursuing a settlement related to pending litigation.
Determination: The company was properly delisted for failure to comply with the shareholders’ equity requirement. The company did not provide any definitive documentation or timetable to indicate when the company expected to achieve its plan. Furthermore, the company 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.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 664
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