Lightwave Logic Inc (LWLG)

[Photonics_Guy]

Hi Fruno - Unfortunately, you quoted the wrong paragraph in the requirements for the "Market Value Standard". You had the correct reference, but quoted the wrong paragraph. You quoted para 5505(a)(1)(B), not 5505(b)(2).

5505. Initial Listing of Primary Equity Securities
A Company applying to list its Primary Equity Security on the Capital Market must meet all of the requirements set forth in Rule 5505(a) and at least one of the Standards in Rule 5505(b).

(a) Initial Listing Requirements for Primary Equity Securities:

(1) (A) Minimum bid price of $4 per share; or

(B) Minimum closing price of $3 per share, if the Company meets the requirements of the Equity or Net Income Standards under Rules 5505(b)(1) or (b)(3), or of $2 per share, if the Company meets the requirements of the Market Value of Listed Securities Standard under Rule 5505(b)(2), provided that in either case the Company must also demonstrate that it has net tangible assets (i.e., total assets less intangible assets and liabilities) in excess of $2 million, if the issuer has been in continuous operation for at least three years; or net tangible assets in excess of $5 million, if the issuer has been in continuous operation for less than three years; or average revenue of at least $6 million for the last three years. A security must meet the applicable closing price requirement for at least five consecutive business days prior to approval.

Here is the correct paragraph referenced in 5505(b)(2):

Para 5505(b)(2):

(2) Market Value of Listed Securities Standard

(A) Market Value of Listed Securities of at least $50 million (current publicly traded Companies must meet this requirement and the price requirement for 90 consecutive trading days prior to applying for listing if qualifying to list only under the Market Value of Listed Securities Standard);

(B) Stockholders' equity of at least $4 million; and

(C) Market Value of Unrestricted Publicly Held Shares of at least $15 million.

As you can see, para 5505(b)(2) does reference a 90 day requirement. It's confusing to follow all the indents and subparagraphs.

Under the requirements for the Equity Standard, para 5505(a) is common with the Market Value Standard, but the Equity Standard references 5505(b)(1) instead of 5505(b)(2). Para 5505(b)(1) does not have the 90 day requirement specified.

Para 5505(b)(1): Initial Listing Standards for Primary Equity Securities:

(1) Equity Standard

(A) Stockholders' equity of at least $5 million;

(B) Market Value of Unrestricted Publicly Held Shares of at least $15 million; and

(C) Two year operating history.

Hope this helps.

PG