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Fact No. 1. Uplisting isn't automatic. After a company meets all of the requirements for an uplisting, including financial requirements, corporate governance requirements and share price, it is still up to Nasdaq or Amex to give final approval. Sometimes, as in the case of SinoCoking (SCOK), this happens almost immediately. Other times, as in the case of Subaye(SBAY_), it can take a number of weeks. The conclusions are that timing on uplistings is uncertain, timing depends entirely on Nasdaq approval, and it pays to be patient. Because I missed out on the massive Sinocoking run and a few others, I typically try to get in early and then be patient rather than waiting until it is too late.
Fact No. 2. The required share price to uplist to Nasdaq is $4. The price is determined by the bid price, not the closing price, of the stock. In April 2009, Nasdaq lowered its share price threshold to $4 from $5. This was presumably due to the impact that the financial crisis had on share prices, but could also be seen as a move to take some business from the Amex exchange. Both the Amex and the Nasdaq charge substantial listing fees to companies for listing on their exchanges and both are eager to maximize revenue. Amex has a lower required share price of $2 to $3 for an uplisting.
The requirements for an Amex listing can be found here.
The reason that the bid is used instead of the closing price is that the bid more accurately reflects demand for the stock and is hard to manipulate, unlike the closing price, which can be influenced by a single trade. However, if the closing share price of a company is right at $4, then chances are that its closing bid was below $4. So looking at share-price histories alone can be misleading.
If u want exact requirements,The Nasdaq has three sets of listing requirements. Each company must meet at least one of the three requirement sets, as well as the main rules for all companies.
Listing Requirements for All Companies
Each company must have a minimum of 1,250,000 publicly-traded shares upon listing, excluding those held by officers, directors or any beneficial owners of more then 10% of the company. In addition, the minimum bid price at time of listing must be greater than five dollars, and there must be at least three market makers for the stock. Each listing firm is also required to follow Nasdaq corporate governance rules 4350, 4351 and 4360. Companies must also have at least 450 round lot (100 shares) shareholders, 2,200 total shareholders, or 550 total shareholders with 1.1 million average trading volume over the past 12 months.
In addition to these requirements, companies must meet all of the criteria under at least one of the following standards.
Listing Standard No. 1
The company must have aggregate pre-tax earnings in the prior three years of at least $11 million, in the prior two years at least $2.2 million, and no one year in the prior three years can have a net loss.
Listing Standard No. 2
The company must have a minimum aggregate cash flow of at least $27.5 million for the past three fiscal years, with no negative cash flow in any of those three years. In addition, its average market capitalization over the prior 12 months must be at least $550 million, and revenues in the previous fiscal year must be $110 million, minimum.
Listing Standard No. 3
Companies can be removed from the cash flow requirement of Standard No. 2 if the average market capitalization over the past 12 months is at least $850 million, and revenues over the prior fiscal year are at least $90 million.
A company has three ways to get listed on the Nasdaq, depending on the underlying fundamentals of the company. If a company does not meet certain criteria, such as the operating income minimum, it has to make it up with larger minimum amounts in another area like revenue. This helps to improve the quality of companies listed on the exchange.
It doesn't end there. After a company gets listed on the market, it must maintain certain standards to continue trading. Failure to meet the specifications set out by the stock exchange will result in its delisting. Falling below the minimum required share price, or market capitalization, is one of the major factors triggering a delisting. Again, the exact details of delisting depend on the exchange.
Read more: http://www.investopedia.com/ask/answers/121.asp#ixzz1ck1KHTI6
Exactly, thx for clearing this up... lol
This is worth a POST as Well, the Chinese...
Chinese May Look at MF Global Metals Business
Published: Thursday, 3 Nov 2011 | 7:58 PM ET Text Size
Collapsed futures broker MF Global's metals operations are being dismantled but its traders are likely to be snapped up by new entrants — such as Chinese banks — eager to secure a foothold in London's metals market, industry sources said.
Getty Images
But administrators may struggle to sell MF Global's floor seat on the London Metal Exchange (LME) especially now that volume is shifting to electronic trade, they said.
Instead, the UK arm of MF Global Holdings, which filed for bankruptcy on Monday and is a mid-size metals broker on the LME, is likely to be broken up as there is little appetite or available funds to take on an entire team, sources said.
Alex Heath, global head of LME sales and trading at rival INTL FCStone [INTL 24.89 0.83 (+3.45%) ], told Reuters that the most likely suitors may come from the world's biggest metals consumer, China.
"I would have thought the most logical buy-in for an operation of this size would have been one of the big Chinese banks rather than those in Europe or U.S. who will likely focus on more of a cherry picking approach to individual units and staff," he said.
"They are reportedly coming to the market and building virtually from scratch. They need the infrastructure and expertise, and this would be an opportunity in one fell swoop; they have the money, and the risk appetite, unlike many others in this sector right now."
Analyst Robin Bahr at Credit Agricole agreed that Chinese banks were the most likely candidates. "There is a very active arbitrage business with Shanghai, so it certainly makes a lot of sense to do that."
The Bank of China [601988.SS 3.04 0.02 (+0.66%) ], one of China's big four state-owned banks, is forming a commodity trading company in Britain that will seek "Category 2" membership of the LME, several traders said, although approval is not expected until 2012.
"I doubt someone would take them as a team, especially as they're floor guys mainly," said one trader.
"(There) will be some who find their way, but the likes of Bank of China can be picky and patient," he added.
Ring Trading
Industry sources agreed, that potential buyers would see little advantage in taking over the MFG's floor seat at the LME, the world's biggest metals market and one of the last bastions of open outcry trading.
MFG was one of 12 firms with "Category 1" status allowed to trade in the "ring" of the exchange. Category 2 membership allows all types of LME business except ring trading.
"The direction in which the exchange is increasingly moving now in line with other exchanges worldwide, electronically and for self clearing, is clearly the way things will go eventually," Heath said.
RELATED LINKS
China, India Services Lose Some MomentumMF Global's Money Isn't Missing: SourceBeijing Risks Public Backlash If Rescues EuropeWealth In Asia 2011 - Special Report
"The genie is out of the bottle now on that front and it is difficult to see things reversing."
INTL FCStone is a "Category 2" clearing member.
An official of a Category 1 member, who declined to be named, said there was little incentive any more for a company to spend the extra funds on maintaining a presence in the ring.
"My view is that it is unlikely that a new Cat 1 will appear. There is a high cost involved in running a floor team, and the LME gives no real advantage financially when comparing to Cat 2s. Most of the volume is screen based."
Last month the LME announced that floor trading had surged to a new record on October 14, when 76,146 lots were traded. This is a fraction, however, of total volume.
The exchange recorded record total volumes in September of 573,500 lots per day.
Another Category 2 LME member said: "No one will buy the operations. I have already been offered some of their team. They would like to move as a team but it's a pretty hard market for someone to take that on."
MF Global is also is the fourth largest shareholder in the London Metal Exchange, which has had at least 10 suitors interested in a potential takeover.
MF Global holds 600,000 shares, a 4.7 percent stake, which are currently worth 2.95 million pounds, based on the last trade in the shares, but they could be worth much more in a takeover situation.
Estimates of the takeover value of the LME have varied widely between about 350 million pounds to 1 billion pounds, valuing the MF Global stake at between 16.3 million pounds and 46.5 million pounds.
LME spokesman Chris Evans said administrator KMPG would have to determine how to handle the shares if no deal was agreed for the trading operations. "If nobody buys the company or the assets it then becomes a decision the administrator will need to take, as to what to do with the shares."
Copyright 2011 Thomson Reuters. Click for restrictions.
http://www.cnbc.com/id/45157813
agreed, only going up further from here now, plus since they now have found the $600mil 'missing' money, we should see atleast a double from here imo
Yes it is :)
GREAT NEWS HERE!! Nice Find..like this part “Vizzeco is equally excited about this joint venture with Starnix and the forthcoming merger with Action Products International Inc., and is anticipating an exciting future,” said Andrew Greig, CEO of Vizzeco.
The merger with Action Products International Inc. is expected to take place before the end of this quarter.
had lots of volume here 2 days ago, many sold at .0012 area
whos going to take ETMM out at 15 here, showing very small amount...
Nice 2mil hit for 19's problem is didnt touch ETMM on ask
Edit, now ETMM moved the amount down
Agreed,
no time like the present,
lets get her moving
While Selling has stopped
Thx...
GLTY!!
yes, from that standpoint it does look good, correct
yeah thats ETMM (ETURD)
But then some POS had to put huge block up to try and hold it back, I hope some strong hands take over here soon, sick of small flippers right now
thx for ur opinions
Lil buy volume now would send this flying imo
did nt use a chart my man
Agreed, if it breaks .31 this will go into .4's easily imo
Def starting to THIN out here on the ASK side now, good news would push it past the 2's imo
I'm in as well holding to see how it plays out, seems to be stabilizing now in this range
Reg Sho 20111102|EGOC|2953136|0|11287831| = 25.7%
Reg Sho 20111102|MFGLQ|63126384|0|194400166| = 32.5%
Exactly, agreed, CEO continues to shine in my book, adding more everyday here and holding longterm
Thx for the comments
Otc
One thing for sure, we'll find out in the next Q what it is, i would be amazed if its still 24.4mil O/S here
What is the deal w 'latin tech company' how come its taking so long to get this closed? Any thoughts here? My thought is the longer it gets dragged out, the less likely its going to go thru, I hope I'm proved wrong here by Patrick but this is my experience w these
JMO
just like transfer online, TA is cheaper, but service for shareholders sux here, so know we have to bother Patrick to find out whats going on here, as I havent seen any filings that show this either
Like it Muga, u got that eye, looks good, wish I grabbed those 1's last month, whats driving this northward now?
very nice Mac, lets hope he can respond here quickly and update his shareholders as its in his fiduciary responsibilities imo
Thanks again for all the help here
Otc
Here comes dump, time to add more soon here imo
just depends on the TA, some do no problem others can be gagged or just not do it, like transfer online, they wont give out SS numbers so just depends here, let us kow what Tim has to say, thx again here
nice job there mac, TY lets get ahold of CEO
CBGH up 100% from my $.01 call here this morning!!
What is the SS here now? Can anyone check and let the board know, I would do it but I'm very busy at the moment, be interesting to see how much the O/S and float moved here now jmo
u were right, someone just took it out now, ough this is ugly here now, who is selling, where is Patrick?
I think we should all send emails again till we get some answers here
CBGH time to load $.01 here again!!
We will long as volume comes back in here, av 10day is 9.7mil here, needs volume
Back to .002's now, lets go..
Any company that uses transfer online for instance the TA does not give out share info..
Here is alist of all the companies w this TA
http://www.otcmarkets.com/service-provider/Transfer-Online?id=2454&b=n&filterOn=6
Who wants those 18's anyone here??
Looking better there now, kinda stabilizing imo
Looking ALOT THINNER TODAY, lil volume and were back intothe .002's here now