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Microcap & Penny Stocks : 1ST MIRACLE GROUP (MVEE), founders last co. went $0.20-$46
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To: Mark McNew who wrote (4607)9/29/1999 11:59:00 PM
From: Walter Morton   of 5541
 
MVEE has everything except the stock price to become NASDAQ listed? What are those requirements? Well, I copied this from another thread:

1. Net tangible assets of $4 million or
Market capitalization of $50 million or
Net income of $750,000 (latest year or 2 of last 3 years)

2. Public float of 1 million shares

3. Market value of public float of $5 million

4. Minimum bid price of $4/share

5. At least 3 market makers

6. At least 300 round lot shareholders

7. Operating history of at least 1 year

8. Corporate governance requirements (SEC reporting, 2 independent directors, audit committee, shareholder meetings)

It does not matter whether the firm is applying for the first time or for a relisting. The criteria are the same in both cases.

On the share price issue, the criteria is a sustained price above $4.00 for a period of 30 to 60 days and throughout the examination period. The company, upon satisfying the share price level for 30 to 60 days, may then apply for listing and NASDAQ takes two to three months to make a decision following application. Therefore, the earliest MVEE could achieve NASDAQ status would be about three months after it first crossed the $4.00 price level. More realistically, it would be five months after first crossing $4.00/share.

Having achieved NASDAQ status, maintenance of that listing does not require that the stock remain above $4.00/share. The stock merely has to maintain a minimum price of $1.00, so even a temporary severe price weakness would not put the listing in jeopardy.

JimC1997
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