thread: it looks like Swisher finally filed its long-delinquent 10k and
10Q. The local CPA gave them a clean report on the audit. In the 10k
they discuss their plans to apply for relisting (see below)
Now what about PAMC, which said they planned to file their 10k by the
end of June, which was yesterday?
I'm still short PAMC, BTW.
here's what Swisher said about their delisting.
DELISTING OF SECURITIES FROM NASDAQ SMALL CAP MARKET. On May 11,
1998, the Company's securities were delisted from the Nasdaq National Market for
(i) the Company's delinquent filing of its Form 10-KSB for the fiscal year ended
October 31, 1997 and the Form 10-QSB for the quarter ended January 31, 1998, and
(ii) the Company's failure to satisfy the filing requirement set forth in NASD
Marketplace Rule 4310 (c)(14). The delisting could materially adversely affect
the trading market for the Common Stock and/or the Public Warrants. Thus, as of
that date the Company's securities were not listed or quoted on any exchange or
quotation system. The Company's securities, however, may be traded on certain
proprietary trading systems operated by various broker-dealers.
The Company has filed a request with the NASD Review Counsel to
review the Hearing Panel's decision to delist its securities. If the Review
Counsel does not reverse the Hearing Panel's decision to delist the Company,
then in order to be relisted on the Nasdaq National Market, it will be necessary
for the Company to re-apply for initial listing once it determines that it can
meet the initial listing requirements. The initial listing criteria for the
Nasdaq National Market, insofar as they would be applicable to the Company,
require, generally, net tangible assets of $6,000,000, pretax income (in the
latest fiscal year or 2 of the last 3 fiscal years) of $1,000,000, a public
float of 1,100,000 shares, a market value of the public float of not less than
$8,000,000, and a minimum bid price of $5.00. Once a company is accepted for
relisting on the Nasdaq National Market, it will be required to maintain, among
other requirements, net tangible assets of $4,000,000, a public float of 750,000
shares, a market value of the public float of not less than $5,000,000, and a
minimum bid price of $1.00. At the date of the filing of this report, the
Company would not qualify for initial listing on the Nasdaq National Market.
The Company is not certain when it will be able to meet the initial
listing requirements for the Nasdaq National Market. Although the Company is
considering possible alternatives for meeting the asset requirements, there is
no assurance that the Company will be successful in meeting the requirements for
relisting on the Nasdaq National Market.
If the Company cannot meet the criteria for initial listing on the
Nasdaq National Market, then the Company may decide to apply for listing on the
Nasdaq SmallCap Market or on another exchange. The initial listing criteria for
the Nasdaq SmallCap Market, insofar as they would be applicable to the Company,
require, generally, net tangible assets of $4,000,000, a public float of
1,000,000 shares, a market value of the public float of not less than
$5,000,000, and a minimum bid price of $4.00. Once a company is accepted for
listing on the Nasdaq SmallCap Market, it will be required to maintain, among
other requirements, net tangible assets of $2,000,000, a public float of 500,000
shares, a market value of the public float of not less than $1,000,000, and a
minimum bid price of $1.00.
The Company is also considering whether to, simultaneously with its
appeal of the Hearing Panel's decision, apply for initial listing with one of
the aforementioned markets. If the Company does apply for such a listing, there
can be no assurance when, if at all, the Company may be successful in being
listed by such an exchange or market. |
