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  Listing Council Decision 2003-11
Identification Number 669
Rules 4450(a)(3) and 4450(b)(1): $10,000,000 shareholders' equity, or its alternatives, $50,000,000 market value of listed securities or $50,000,000 total assets and $50,000,000 total revenue requirements, for continued listing on the National Market.
Issue: The company no longer satisfied the shareholders’ equity requirement for continued inclusion on the National Market and was transferred to the SmallCap Market. The company stated it would attempt to restructure its preferred stock so that it would be treated as equity on the balance sheet under applicable accounting rules. It also intended to raise proceeds in a private equity offering and explore potential development partner fees. Furthermore, it had ceased its stock buy back program and was cutting down on its expenses to reduce its net losses.
Determination: The company was properly delisted from the National Market for failure to comply with the minimum shareholders’ equity requirement. The company had been below $10,000,000 for more than nine months at the time of the Listing Council’s determination. In addition, the company has not raised sufficient additional equity or provided any definitive evidence of its plan to increase its shareholders’ equity. The company’s shareholders’ equity would also be negatively impacted as a result of its history of losses. The Panel properly determined that, although the company did not comply with all of the requirements for continued listing on the National Market, it did comply with all of the requirements for continued listing on the SmallCap Market
Publication Date*: 7/31/2012 Mailto Link Identification Number: 669
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