Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : PanAmerican BanCorp (PABN) -- Ignore unavailable to you. Want to Upgrade?

To: Kevin Clarke who wrote (17839)	11/7/1998 12:33:00 AM
From: jhild	Read Replies (1) \| Respond to of 43774

You still offer no compelling reason why PRWT should not be reporting. And that is because it is not a defensible thing to be doing. Why are they doing it? Well John Schmitz said it pretty clearly to David Sirk - because he doesn't have to. And because if he did it wouldn't look very good. Obviously you are satisfied with that kind of explanation. It is not parasitical behaviour to expect disclosure. If you believe that such a reporting would harm the stock, then you are admitting that this stock is overvalued. All companies have problems, the ones that succeed produce results without excuses. They also report.

To: Kevin Clarke who wrote (17839)	11/7/1998 12:49:00 AM
From: David Sirk	Read Replies (1) \| Respond to of 43774

he Nasdaq SmallCap Listing Requirements The Nasdaq Stock Market today announced new listing requirements to further strengthen both the quantitative and qualitative requirements for issuers listing on Nasdaq®. The U.S. Securities and Exchange Commission approved on August 22nd the proposed changes. For the first time, corporate governance requirements applicable to the Nasdaq National Market will extend to The Nasdaq SmallCap Market. These changes materially enhance the threshold criteria necessary to qualify for listing on The Nasdaq SmallCap Market. The new listing requirements are detailed in the attachment. 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 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. •Adoption of Corporate Governance Requirements A summary of the corporate governance requirements for companies listed on The Nasdaq SmallCap Market are presented below. Details regarding these requirements will be forthcoming. •Distribution of annual and interim reports •A minimum of two independent directors •An audit committee, a majority of which are independent directors •An annual shareholder meeting •Quorum requirement •Solicitation of proxies •Review of conflicts of interest •Shareholder approval for certain corporate actions •Voting Rights 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 six months to meet the new requirements. During this six months period, companies should initiate appropriate corporate action to achieve full compliance. The Nasdaq SmallCap Market Requirements RequirementsInitial Listing Continued ListingNet Tangible Assets1 Market Capitalization Net Income (in latest fiscal year or 2 of last 3 fiscal years)$4 million or $50 million or $750,000$2 million or $35 million or $500,000Public Float (shares)21 million500,000Market Value of Public Float$5 million$1 millionMinimum Bid Price$4$1Market Makers32Shareholders (round lot holders)3300300Operating History4 Market Capitalization1 year or $50 millionN/ACorporate GovernanceYesYes 1For initial or continued listing, a company must satisfy one of the following to be in compliance: the net tangible assets requirement, (net tangible assets means total assets, excluding goodwill, minus total liabilities) the market capitalization requirement or the net income requirement. 2Public 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. 3Round lot holders are considered holders of 100 shares or more. 4If operating history is less than 1 year, initial listing requires market capitalization of at least %50 million. nasdaqnews.com