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Biotech / Medical : Pharmos (PARS)
PARS 2.700+13.6%Jan 21 4:00 PM EST
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To: Zvi Steinberg who wrote (17)10/30/1998 8:24:00 PM
From: Ariella  Read Replies (1) of 1386
 
Stamping out a rumor before it starts.

Someone on the Yahoo thread expresses concern today about PARS; ability to meet the listing requirements of the NASDAQ SmallCap Market. Before a rumor starts that the stock is going to be de-listed, I decided to post the facts so everyone can see for sure that the company easily meets or exceeds all NASDAQ listing requirements.

There are two types of market requirements for listing on the NASDAQ SmallCap Market -- "Initial requirements" and "Requirements for Continued Listing." Pharmos meets or exceeds both.

What applies in our situation, of course, is "Continued Requirements." In this case, a company must have either

1) $2 million in net tangible assets (PARS had $10 million in Total Assets at the end of June 1998, of which less than $300K was intangible)

OR

2) it must have $35 million in market capitalization (PARS' is currently ~ $75 million)

OR

3) it must have a half million in net income (we do not yet meet this item).

PARS' score = company easily meets two of the three main listing requirements and it is only necessary to meet one of them to remain on the NASDAQ SmallCap list.

Several other requirements are necessary, like needing at least 2 market makers (PARS has 30!), and the company easily meets them as well.

Links:

Find the full list of NASDAQ requirements here: nasdaq.com

Find a full list here of Market Makers for PARS: nasdaqtrader.com; Issue=pars&MPIDSort=1&Month=9-1-1998&x=10&y=-1 )

-Ariella
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