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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: JP who wrote (6768)	12/9/1997 6:40:00 PM
From: Bear Down	Read Replies (1) \| Respond to of 20681

JP, Here is a report This might partially account for the drop in Naxos today. There is supposed to be a meeting on Thursday to make the final decision. this is from stockhouse.com WASHINGTON - The board of the Nasdaq Stock Market is considering whether to remove some 3,400 small-company stocks from a special over-the-counter market, a Nasdaq source confirmed Tuesday. If the proposal is adopted, it would be a major move by the nation's second-largest stock market, which has been trying to distance itself from the loosely-regulated market for small and speculative stocks that has had problems with fraud. The source, speaking on condition of anonymity, confirmed a report in Tuesday's The Wall Street Journal that the Nasdaq board will consider on Thursday the proposal to boot out the 3,400 or so stocks from the OTC Bulletin Board, an electronic market of about 6,800 securities. Nasdaq runs the Bulletin Board, but its stocks are not actually listed on the Nasdaq market. The small companies don't meet Nasdaq listing standards or don't file financial disclosure statements with the Securities and Exchange Commission. The Bulletin Board stocks often are linked with Nasdaq's name, however. Under the proposal being considered, companies would have their stocks removed unless they agreed to file statements with the SEC or other financial regulators, according to the Journal. In addition, brokerage firms could be barred from quoting prices for the stocks unless the brokers had current reliable financial information about the companies. Nasdaq spokesman Scott Peterson declined comment on the Journal report. By The Associated Press