A fair question. (OS), Auth are in the corporate charter and are usually much higher than issued.
But to be more pointed, what the F*** is the management doing with this company ? The lawsuits did not stop them from selling the product. I have problems with the management here. They are killing or have already killed this company. This Elwood guy is a hoot. I remember a statement from him maybe it was back in april (?), about all of the calls they were getting and his response was that All information will provided in press releases or some such. In other words, Don't call us, we'll call you.
And this Elwood Statement SC&T plans a reverse split sufficient to gain a relisting on the NASDAQ Exchange. Based on the pre-split price of common shares, this could equate to as low as a 5 to 1 reverse.
At that time, SCTI was trading in the .20 range. $4 bucks is the requirement.
And even if they get there, so what ? Who is going to buy this company in any significant way to make the price go anywhere.
Here are the summary requirments.
NASDAQ Small Cap Listing Requirements:
Summary of minimum requirements for initial listing, effective March 3, 1997:
- Net tangible assets(1) of $4 million, or market capitalization of $50 million, or
$750,000 in net income for two of the last three years
- Public float of one million shares(2)
- $5 million market value for the public float
- 300 shareholders
- $4 minimum bid price
- Three market makers
- Operating history of one year or a market capitalization of $50 million
- Corporate Governance Standards such as: requiring a minimum of two independent
directors on its board of directors; establishing and maintaining an audit committee with
a majority of independent directors; holding an annual shareholders meeting; soliciting
proxies for all meetings of shareholders; distributing annual and interim reports; utilizing
the company's audit committee or a comparable body to review potential conflicts of
interest; and requiring shareholder approval for certain actions
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. |
