There are several requirements for continued listing on the NASDAQ Capital market. Two requirements appear to be for the same thing but they are not. 1) The minimum market cap requirement is $35m. This is the value of all outstanding shares. The company is in violation of this level. 2) The minimum value of all pubicly held shares is $15m. The company is not in violation of this level. (Although they are getting very close) They are independent standards and are not the same thing as is being implied elsewhere.