Joe,
Please pardon my ignorance on the subject of listing a company, but I need to ask a couple of questions and would appreciate your insight. Because it seems listing is the key to exposure, credibility, and institutional support, I'd like to feel more comfortable with what is going on.
From what I've read on this thread, it appears DCI has been pursuing listing in two ways. First was to the NASDAQ, as a stand alone company, prior to the announced Wavetech merger plans. What is the status of that effort?
Second is apparently as a merged company consisting of Wavetech and DCI, with the AMEX and NASDAQ as possible landing points based on who approves first. However, as of late, I've only seen reference to NASDAQ. Is this a fair assessment?
Looking at the merger effort from the standpoint of listing, it seems DCI may be asking the exchanges to approve a "what if" scenario. Since the merger has not taken place , or for that matter, been approved by the shareholders, I would think they would not have a clear picture of the company they are being asked to approve for listing. If that is the case, I'm not surprised it is taking awhile for approval to come through.
It seems the merger being finalized, with combined audited financials submitted to the SEC would go a long way in giving them a clear picture of the company they are being asked to list.
We have already seen the SEC ask DCI for restated financials for various reasons, none of which included Wavetech dealings. Is it realistic to expect approval for listing without knowing exactly the makeup of the combined company?
If I were the listing authority, the question in the back of my mind would be; what if the merger does not go through for some reason? It would cause me to look at DCI and evaluate them as a stand alone company, and then at the combined DCI/Wavetech entity, and ask if either/both are companies I want on my exchange.
For those reasons, it would seem listing might be a bit farther down the line than we would like.
Your thoughts would be appreciated.
Rob |
