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Technology Stocks : The Panda Project (PNDA)
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To: drakes353 who wrote (745)1/19/1998 3:50:00 AM
From: Q.  Read Replies (1) of 1521
 
Thanks, Drake, for the clarifications. I was mixing up two different elements of the two plans to stay listed. It is now clear that if the stock price is below $5, then they must meet the net tangible assets requirement. Otherwise they can have a negative NTA.

The latter possibility (a negative NTA with a stock price > $5) to remain listed appears to relax the previous conditions, which always required a positive NTA. In fact the NASD seemed to give exemptions to its largest listed companies, such as PAGE, despite their negative NTA. So I suppose the new rules are supposed to make this permissiveness for bigger companies more official.

As a practical matter for PNDA, they must sell equity to raise capital anyway, and by doing so, they will raise their net tangible assets. This means that they must sell common stock or preferred stock.
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