Summary of minimum requirements for continued listing, effective February 23, 1998:
Net tangible assets1 of $2 million, or market capitalization of $35 million, or $500,000 in net income for two of the last three years Public float of 500,000 shares2 $1 million market value for the public float 300 shareholders $1 minimum bid price3. Two market makers 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 for 30 trading days. The company will be notified of delisting proceedings unless the stock closes at $1 or more for 10 consecutive trading days, within 90 calendar days of falling out of compliance. Summary of minimum requirements for continued listing, prior to February 23, 1998:
$2 million in total assets $1 million in total stockholders' equity Public float of 100,000 shares $200,000 market value for the public float 300 shareholders $1 minimum bid price * Two market makers Registration under Section 12(g) of the Securities Exchange Act of 1934 or equivalent
* If the $1 minimum bid price requirement is not met, the issuer will continue to qualify if the value of the public float is at least $1 million and capital and surplus is at least $2 million.
"A deficiency for market value of public float, market makers, and bid price will be determined if the issuer fails any of these requirements for 10 consecutive days. If failure of any of the 10-day test occurs, the issuer will be notified promptly and will be given 30 calendar days to comply with the market maker criteria and 90 days to comply with the bid price or market value of public float requirements." |
