It appears to me as if WARPF no longer meets the new minimum maintenance requirements for Nasdaq small caps. WARPF is no longer complying with rule e). The stock must close at $1.00 or more for ten consecutive days, within 90 days of falling out of compliance or the company will be notified of delisting proceedings.
Summary of new minimum maintenance requirements:
a) Net tangible assets(1) of $2,000,000, or market capitalization of $35,000,000, or $500,000 in net income for two of the last three years.
b) A public float of 500,000 shares(2).
c) A $1,000,000 market value for the public float
d) 300 shareholders
e) A bid price of $1.00(3).
f) 2 market makers
g) Corporate Governance Standards (see initial listing requirements)
1) Net tangible assets are total assets less total liabilities and goodwill.
2) The Public float consists of shares that are not held directly or indirectly by any officer or director of the issuer and by any other person who is the beneficial owner of more than 10 percent of the total shares outstanding.
3) A company is not in compliance with this requirement when its stock drops below $1.00 for 30 days. The company will be notified of delisting proceedings unless the stock closes at $1.00 or more for ten consecutive days, within 90 days of falling out of compliance.
The new Nasdaq listing/maintenance requirements can be found at: financialweb.com |
