Asyst Technologies, Inc. (fka ASYTQ)

[trader53]

SEC Wants More Input on Nasdaq Reverse Merger Proposal


Posted September 14, 2011 4:43PM PST

The Securities and Exchange Commission is calling for more public commentary regarding Nasdaq's call for rule changes regarding how reverse merged companies become publicly listed. In a notice released yesterday, the regulator also hinted that the separate requests by Nasdaq and the New York Stock Exchange (NYSE) should be similar.

Last May, Nasdaq called upon the SEC to approve changes to the parameters by which reverse merged companies gain a listing. A similar proposal to the SEC came from the NYSE and NYSE Amex in July.

Nasdaq's proposal called for reverse merged companies to be listed on another national exchange, over the counter, or on a foreign exchange for a minimum of six months before being considered for a Nasdaq listing.


The exchange also wants reverse merged companies to maintain a minimum bid price of $4 for at least 30 of the 60 trading days prior to submitting a listing application and file at least two financial reports in a timely manner prior to approval.

http://reversemerger.dealflow.com/wires/article.cfm?title=SEC-Wants-More-Input-Nasdaq-Reverse-Merger-Proposal&id=tfttqzdtizvrctp