Foxwood:- went trawling for xkem's past trading history and came up with the following.
Effective following the close of business on February 4, 1997, the
Company's Common Stock and Common Stock Purchase Warrants (the "Warrants") were
delisted from trading on the Nasdaq SmallCap Market. In its determination to
delist the Company's securities, Nasdaq noted that the bid price for the Common
Stock had fallen below the $1.00 per share level required for continued listing.
Although the Company believed that with the capital provided under the Blech
Purchase Agreement it had satisfied the criteria for alternative listing, namely
having capital and surplus of $2,000,000 and market value of the publicly-traded
shares of at least $1,000,000, Nasdaq stated that the Company's evidence of such
compliance was inadequate, and that, in light of certain delays in the funding
by Blech under the Blech Purchase Agreement, Nasdaq "lacked confidence" in the
Company's ability to maintain compliance. In addition, Nasdaq raised concerns
regarding Mr. Blech's involvement with the Company in light of a pending
Securities and Exchange Commission ("SEC") investigation regarding the
operations of D. Blech & Co., a broker-dealer controlled by Mr. Blech which
terminated operations in 1994.
If xkem sees $1 again then nasdaq is a possibility it seems
AI
