Lans Holdings Inc (fka LAHO)

[fahrenheitjules]

Question:

Can LAHO/GSCG post merger resume trading on a higher exchange like the NASDAQ, etc?


Answer:

“The NYSE, NYSE MKT (formerly AMEX) and NASDAQ exchanges have enacted more stringent listing requirements for companies seeking to become listed following a reverse merger with a shell company. The rule change prohibits a reverse merger company from applying to list until the combined entity had traded in the U.S. over-the-counter market, on another national securities exchange, or on a regulated foreign exchange for at least one year following the filing of all required information about the reverse merger transaction, including audited financial statements. In addition, new rules require that the new reverse merger company has filed all of its required reports for the one-year period, including at least one annual report. The new rule requires that the reverse merger company ‘maintain a closing stock price equal to the stock price requirement applicable to the initial listing standard under which the reverse merger company is qualifying to list for a sustained period of time, but in no event for less than 30 of the most recent 60 trading days prior to the filing of the initial listing application.’ The rule includes some exceptions for companies that complete a firm commitment offering resulting in net proceeds of at least $40 million.”

http://www.legalandcompliance.com/going-public-transactions-for-smaller-companies-direct-public-offering-and-reverse-merger/