Jerry, the scenario is as follows:
1) BII applies to SEC on Feb. 16, 1999. States it wishes to apply for NASDAQ National Market, with no ticker symbol because it can't get one until approval is conditionally granted.
2) BII is informed Mar. 19 or so that it has reached conditional approval, needs to identify a ticker symbol, but cannot go National Market cause 30 day average is not $5 US.
3) BII quickly changes 20F filing, already had ticker symbol picked, BIDS, and refiles on Mar. 23.
4) The ones in the know already know that BII has been conditionally approved and therefore starts a buying frenzy. March 23 it starts to take off.
5) Around the same time, BII CEO Paul Godin starts being active in the market place, giving interviews and such.
6) BII starts registering all known shareholders because as part of listing requirement, at least 400 shareholders must be known and registered.
7) BII releases its first press release today, demonstrating to the world that the "quiet period" for SEC application is over.
8) The world doesn't get it. BII has been SEC approved, and NASDAQ approved.
9) Now, the only question is when BII will announce trading. Will they do it immediately or wait another 4 or 5 days, make sure 30 day average is above $5 US and refile SEC and get immediate approval. OR, will they announce NASDAQ immediately, start trading by end of first week in April and be on National Market by first week in May.
Does anyone get it? The waiting is over. Stock will start to move again soon, maybe tomorrow. Does anyone get it? |
