They do not come close to the financial requirements for a nasdaq listing.
Among other things, Nasdaq requires a $4 M net tangible assets. POST's most recent 10Q shows a *negative* net tangible assets (computed as total assets, minus total liabilities, minus goodwill).
sec.gov
Unless they've received a significant private placement since September, they don't qualify.
That's the typical rubbish you hear about BB stocks: "It's about to be listed on nasdaq!"
Well, it just isn't so.
But I'd be just as happy if people hype this worthless Vancouver stock up again, so that I can short it again. :-)
Be sure to check out the section in the 10Q on liquidity:
Although the Company's cash position as of September 30, 1999 had improved
to $2,414,094, as compared to $47,212 as of December 31, 1999 and $308,040 as of
June 30, 1999, the entire improvement in cash position was attributable to loans
made to the Company by Blue Heron Venture Fund, Ltd. These loans were made under
agreements with that lender under which the Company may draw up to $16 million
in unsecured loans. These loans bear interest at 8% per annum and are payable on
demand. They are convertible into Common Stock of the Company at prices ranging,
at present, from $1.00 to $4.00 per share. If all loans outstanding as of
September 30, 1999 were converted, the lender would be entitled to an aggregate
of 5 million shares of such Common Stock. The lender is free to withdraw this
line of credit at any time, and since the loans are payable on demand the
Company's ability to continue operations is dependent upon the willingness of
its lender to forebear from demanding payment. The Company believes that its
lender will continue to refrain from demanding payment for the immediately
foreseeable future, but it is under no obligation to do so. Should the Company's
lender demand payment the Company would be required to seek financing from other
sources. It does not believe that bank borrowing would be available to it under
present circumstances, and there can be no assurance that the necessary
financing could be obtained from other sources. Even if the necessary funding
were available, it might be available only on terms which management would not
find acceptable. |
