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SCO Stock In Danger of Delisting, Again
hweimer writes "In 2005, SCO got into delisting trouble because they failed to file their annual 10-K report in a timely manner. SCO seems to be headed the same way again for a different reason: the stock price is too low to meet Nasdaq's requirements. Quoting: '[W]hat can a company do to boost its share price? Besides stopping to burn money and come up with a working business model, I mean.'"
NASDAQ also has a minimum regarding the market value of the company and that is set to $5 million which means that they can't continue doing reverse splits ad infinitum. Current market value of SCOX is just shy of $20 million.
just to tie things together. html?month=04&day=25&year=2007&hour=16&min=00&sec= 00&p0=179
http://www.timeanddate.com/counters/customcounter
gives you a countdown to "Hells Bells" at this point they need to
A get above $1.00 for 10 days
B maintain the other requirements
C fight an Armageddon level filing (the constructive trust filing by Novell)
IF ABC does fails Then TSCOG is D E A D (in full monty python flying circus fashion )
Any person using FTFY or editing my postings agrees to a US$50.00 charge
As amusing as it is, it wouldn't work. The SEC has recently started halting trades on any company mentioned in such spam emails. I don't remember for how long exactly, but the hold is something like a week. Which means that such spam will most likely do more damage than good.
3 5222
http://it.slashdot.org/article.pl?sid=07/03/09/02
Javascript + Nintendo DSi = DSiCade
There are still enough shares outstanding in the public float for a few more reverse splits. 2:1 reverse would take price to $1.88 leaving approximately 7.8 million public shares; 3:1 reverse to $2.82 and 5.6 million pubilc shares; 4:1 reverse to $3.76 and 3.9 million shares. For the requirements listed on page 14 of listing requirements (http://www.nasdaq.com/about/nasdaq_listing_req_fe es.pdf - PDF warning) the first is only being met with stockholder's equity (which is about $8 million). The second and third (publicly-held shares and market value of said shares) are in no danger of dropping below listing requirements. SCOX shouldn't be in danger of being delisted but their only option may be a reverse split since a buyback would not only drain cash reserves but also lower shareholder equity, which must be at a minimum of $2.5 million or else the stock gets a delisting notice yet again.
I think his issue is that the poster didn't disclose that it was his own content, and even said "Quoting:" which at least implicitly infers that he just happened across the content, not that he'd written it. Disclosure = a fairly good rule of ethics for "journalists" (although the "blogosphere" (gack) is pretty good at being selective about when they want to categorize themselves as journalists).
Aside from rules compliance, and paying the annual listing fee, NASDAQ has three basic rules about staying listed:
- Minimum share price of $1
- at least 750k public shares
- at least $5m market value.
If they fall out of compliance for 30 straight days (and they last traded for $1 on March 13), they get a delinquency notice and have 90 days to get it together. Their ticker symbol will probably change from "SCOX" to "SCOXE" while they're under threat of delisting. [Source]SCO already did a 1:4 split back in 2002; I'm not sure how the exchange will feel about them doing it again, because had they not done that split, their share price would currently be less than a quarter.
This is not my sandwich.