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Technology Stocks : TAVA Technologies (TAVA-NASDAQ) -- Ignore unavailable to you. Want to Upgrade?

To: Nanda who wrote (14868)	4/15/1998 9:31:00 PM
From: Allen Sampson	Read Replies (1) \| Respond to of 31646

Nasdaq NMS Requirements.. Attached are the NMS listing requirements from Nasdaq's web site. I will leave it to the many astute members of this thread to guess how close Tava is to meeting these interesting figures, especially pretax income. Regards Allen Current Nasdaq Listing Requirements* *effective August 22, 1997 The Nasdaq SmallCap Listing Requirements The Nasdaq Stock Market Marketplace Rules Nasdaq National Market Listing Requirements The current amendments to The Nasdaq Stock Market listing requirements, which were approved by The U.S. Securities and Exchange Commission on August 22nd, further strengthen both the quantitative and qualitative requirements for issuers listing on Nasdaqr. These changes materially enhance the threshold criteria necessary to qualify for listing on the Nasdaq National Market. Significant changes are highlighted below: $1 Minimum Bid Price Required for Common and Preferred Stock Common and preferred stock must have a minimum bid price of $1. The $1 bid price requirement provides a safeguard against certain market activity associated with low-priced securities, and also enhances the credibility of the market. Nasdaq is the only market that has a stated minimum bid price requirement. Increase in the Quantitative Requirements Increases to the quantitative requirements are detailed in the attached table. These increases will strengthen the financial criteria in a manner consistent with the goal of increasing the quality and stability of Nasdaq companies, while preserving the ability of qualified companies to raise capital. Adoption of Market Capitalization Alternative The adoption of a market capitalization test will help foster capital formation for Nasdaq National Market caliber companies that would otherwise not qualify due to accounting conventions associated with certain business combinations and specialized industries under the heading "Initial Listing 3." The attached table outlines the specific requirements. Adoption of Peer Review Requirement All independent auditors for Nasdaq-listed companies must be subject to practice monitoring under a program such as the AICPA SEC Practice Section peer review program. Such a program must provide that an accounting firm's quality control system be peer reviewed every three years. Nasdaq believes that the new requirements will further the protection of investors while enhancing the quality of The Nasdaq Stock Market. Companies failing to satisfy the new continued listing requirements will be allowed until February 23, 1998 to meet the new requirements. Companies should initiate appropriate corporate action necessary to achieve full compliance by February 23, 1998. Nasdaq National Market Requirements Requirements Initial Listing 1 Initial Listing 2 Initial Listing 3 Continued Listing 1 & 2 Continued Listing 3 Net Tangible Assets1 $6 million $18 million N/A $4 million N/A Market Capitalization2 Total Assets Total Revenue N/A N/A $75 million or $75 million and $75 million N/A $50 million or $50 million and $50 million Pretax Income (in latest fiscal year or 2 of last 3 fiscal years) $1 million N/A N/A N/A N/A Public Float (shares)3 1.1 million 1.1 million 1.1 million 750,000 1.1 million Operating History N/A 2 years N/A N/A N/A Market Value of Public Float $8 million $18 million $20 million $5 million $15 million Minimum Bid Price $5 $5 $5 $1 $5 Shareholders (round lot holders)4 400 400 400 400 400 Market Makers 3 3 4 2 4 Corporate Governance Yes Yes Yes Yes Yes -------------------------------------------------------------------------------- 1Net tangible assets means total assets (excluding goodwill) minus total liabilities. 2For initial or continued listing under option 3, a company must satisfy one of the following to be in compliance: the market capitalization requirement or the total assets and the total revenue requirement. 3Public float is defined as shares that are not held directly or indirectly by any officer or director of the issuer and by any other person who is the beneficial owner of more than 10 percent of the total shares outstanding. 4Round lot holders are considered holders of 100 shares or more. Return to Listing Requirements Intro. page c Copyright 1997, The Nasdaq Stock Market, Inc. All Rights Reserved. Please read our Disclaimer. \| Nasdaq Home Page