(c) A Listing Qualifications Panel may authorize the approval of the issuer's securities for initial listing, notwithstanding the fact that the issuer does not satisfy the initial listing standards set forth in Part 1, under the following circumstances:
i. The issuer satisfies one of the following minimum numerical Alternative Listing Standards:
(A) Alternative A
(1) Stockholders' equity of at least $3,000,000.
(2) Pre-tax income of at least $500,000 in its last fiscal year, or in two of its last three fiscal years.
(3) Aggregate Market Value of Publicly Held Shares—$2,000,000.
(4) Distribution—400,000 shares publicly held and 600 public shareholders, or, 800,000 shares publicly held and 300 public shareholders.
(5) Price—$2.
(B) Alternative B
(1) Stockholders' equity of at least $3,000,000.
(2) Aggregate Market Value of Publicly Held Shares—$10,000,000.
(3) Distribution—400,000 shares publicly held and 600 public shareholders, or, 800,000 shares publicly held and 300 public shareholders.
(4) History of Operations—Two years of operations.
(5) Price—$2.
ii. A Listing Qualifications Panel makes an affirmative finding that there are mitigating factors that warrant listing pursuant to the Alternative Listing Standards.
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