Rim Semiconductor Company (fka RSMI)

[excel]

The Nasdaq Stock Market
®
(Nasdaq) has proposed
the following amendments to its Marketplace Rules:
1
Change from a net tangible assets listing
standard to an equity listing standard;
Adjust the $5 bid price requirement to $3 for
continued inclusion;
Adopt a seasoning period for applicants that rely
on a market capitalization listing standard for
initial inclusion; and
Clarify that the income standards exclude
extraordinary and non-recurring items.
Some of these rules are effective immediately under
a pilot program that was approved by the Securities
and Exchange Commission (SEC) on May 1, 2001.
The rules also provide for an 18-month grace period
to comply with the new equity listing standard.
Change from Net Tangible Assets to Equity
Listing Standard
Nasdaq has proposed changing the current net
tangible assets listing standard to an equity listing
standard. This change was proposed, in part, to allow
investors to more easily assess a company’s
compliance because equity is explicitly reflected in
financial statements whereas net tangible assets must
be manually calculated. The following table
summarizes the changes:
Old Net Proposed
Tangible Assets New Equity
Requirement Requirement
National Market
Entry Standard 1 $6,000,000 $15,000,000
Entry Standard 2 $18,000,000 $30,000,000
Maintenance Standard 1 $4,000,000 $10,000,000
SmallCap Market
Initial Inclusion Standard $4,000,000 $5,000,000
Continued Inclusion Standard $2,000,000 $2,500,000
This change is effective pursuant to a pilot program
that is scheduled to expire on July 1, 2001, or at such
earlier time that the SEC grants permanent approval
of the changes. Accordingly, companies may begin to
qualify for initial or continued listing under this new
standard immediately. Companies listed on Nasdaq
as of the date of permanent approval will have until
November 1, 2002 to achieve compliance with the
applicable new standard. During that period, listed
companies that do not meet the new equity listing
standard can continue to qualify under the net
tangible assets listing standard.
In addition, companies that apply for listing prior to
the permanent approval of the rule can continue to
qualify for listing under the net tangible assets standard
for a period of 90 days following that approval. Once
listed, these companies will receive the same grace
period provided to current Nasdaq companies to
comply with the new equity listing standard.
May 2001 Bulletin
1
For further information regarding these changes, please see
SR-NASD-01-14, Securities Exchange Act Release No. 44243,
which is available on www.nasdaqnews.com.
Nasdaq Changes Quantitative Listing Standards

Excel - Greg