>>>It appears that BII currently can only use alternative 3 to get listed on NASDAQ National Market <<<
I would agree Alternative 3 seems to be the most likely way of inclusion. However, just for a twist, Alternative 4 could also be exercised. That is, the Warrants themselves, could be used as a vehicle to list. Of special note, notice how the phrase is worded:
Warrants to purchase designated securities may be designated if the warrants substantially meet the above criteria; provided, however, that they shall not be required to meet the criteria set forth in paragraph (a)(2) if immediately after the distribution, there are at least 450,000 warrants outstanding.
It has been said here before, under these conditions, it is plausible that the share price does not have to be exactly $5. Given the word substantially in that clause, it is more likely that the key is BII finding the Market Makers. Once the Market Makers are on baord, I think its listed! |
