Now let's review each one of these listing requirements, point by point and apply it to TSIG.
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1.)Net tangible assets* of $4 million, or market capitalization of $50 million, or $750,000 in net income for two of the last three years.
Easily met. We will take market cap on this one of $50 million. So let's say 40 million shares outstanding. TSIG's share price would need to be $1.25 per share.
2.)Public float of one million shares*
Already met with float of 18 million.
3.)$5 million market value for the public float
$5/ 18 million float= share price of .28. Already met.
4.)300 shareholders
I don't know for sure, but I am going to make a safe guess and say already met on this one.
Consider 18 million float, if only held by 300 shareholders
Avg holdings per shareholder would equal 60,000 shares, judging by average trade size I would guess 60,000 avg is a high estimate.
5.)$4 minimum bid price
Need some work here, but very likely once web site is up, alliances are announced, and Emerging Public Companies airs.
6.)Three market makers
Already met. Not sure how many exactly (level II man help me out), but I know it is more than 3.
7.)Operating history of one year or a market capitalization of $50 million
Operating history of one year, met or market cap at $1.25 per share. Either or.
8.)Corporate Governance Standards such as:
-requiring a minimum of two independent directors on its board of
directors
Already met.
-establishing and maintaining an audit committee with a majority of independent directors
Don't know, doesn't sound tough though.
-holding an annual shareholders meeting
Easy.
-soliciting proxies for all meetings of shareholders
Easy.
-distributing annual and interim reports
Waste of shareholder equity (look at Edgar for God's sake). Costly IMO, but easy though.
-utilizing the company's audit committee or a comparable body to review potential conflicts of interest
Blah, blah, blah. Easy, easy, easy.
-requiring shareholder approval for certain actions
No problem.
Well there you have it folks!!! That is how we are getting on NASDAQ. What do you think? Not too tough.
Take care...
Gambler
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