All - The following post. Maybe of interest to this thread.
<<SEC Backs Rules to Improve Listing Standards on Nasdaq
Dow Jones Newswires (8/25/97?)
WASHINGTON -- The Securities and Exchange Commission approved new rules aimed at improving listing standards on the Nasdaq National Stock Market and the Nasdaq SmallCap market, including a requirement that all Nasdaq-listed issues trade for at least $1.
The Nasdaq Stock Market said Friday that the new rules also require that auditors of Nasdaq-listed companies be reviewed for quality controls every three years. The Nasdaq Stock Market is operated by the National Association of Securities Dealers.
The National Market lists larger-capitalized stocks such as Microsoft Corp., while the SmallCap Market lists smaller stocks as defined by a NASD formula. A total of 5,500 companies are listed on the two markets.
The requirements take effect immediately and apply to issuers that filed to list after last March 3.
A company that has a share price that falls below $1 for 30 days has 90 days to recover before being subject to the delisting process. To recover, it must stay at or above $1 for 10 consecutive trading days.
In addition, corporate-governance standards that apply to the National Market now will also apply to the SmallCap markets, including requiring a minimum of two independent directors, an audit committee with a majority of independent directors, an annual shareholders meeting, and shareholder approval for certain corporate actions, like large acquisitions and stock issues.
An NASD spokesman said the rules, proposed in March, were part of the association's overall reform efforts.>>>
Either do a revers split, or get delisted. Check the NASDAQ site for the required financials (working capital, assets, etc.) under the proposed rules. Ram |
