Nasdaq Listing Lives-- Don't Give Up The Ship Yet!!
This was in the most recent proxy (filed in Jan 1999)
On June 11, 1998, the Company filed an Application for Review before the United
States Securities and Exchange Commission to appeal the Decision of the Council.
The basis for the appeal was that the Council erred in affirming the Panel's
decision placing conditions upon the Company's initial inclusion. The Company
contends that; (i) it did satisfy all the listing requirements on a timely basis
but was initially rejected for listing by the Nasdaq Staff and Panel on grounds
that were ultimately reversed by the Committee in the first appeal; (ii) that
the Company satisfied the listing requirement and this fact was so recognized in
the Committee's Decision in the first appeal; (iii) that due to the four month
delay cased by the Nasdaq Staff; dilatory review process, and the irresponsible
remarks made by a Nasdaq Staff member to Barron's, the price of the Company's
stock declined below the initial listing requirement (but remained well above
the maintenance requirement). Based upon price deficiency alone, the Company was
denied listing.
On August 8, 1998, the Company filed it's Brief in Support of Application for
Review. Nasdaq's brief was due on September 10, 1998 and filed on September 15,
1998. On September 25, 1998, the Company filed its Reply Memorandum to the Brief
of the Nasdaq Stock Market. As of the date of this Information Statement, no
hearing has been scheduled.
If IMDS can get a Nasdaq listing, this would give it some creditability, and probably favorably affect its share price. Keep those fingers crossed!! Hearing should be coming up soon? |
