CFW: October 26th, "Notice of delisting"- Not sure that "stockholder's equity and net losses" can be resolved with a reverse split? And certainly can't resolve Substantial losses with a split either? So- sale of company/assets or moving to the pinks. And Latimer doesn't seem like a pink kind of guy, does he?
On October 26, 2011, Cano Petroleum, Inc. (“Cano”) received a letter from NYSE Amex LLC (the “Exchange”) indicating that Cano is not in compliance with certain of the Exchange’s continued listing standards as set forth in Part 10 of the Exchange’s Company Guide (the “Company Guide”), and Cano has therefore become subject to the procedures and requirements of Section 1009 of the Company Guide. Specifically, the Company was cited by the Exchange for noncompliance with the following sections of the Company Guide:
· Section 1003(a)(i) — stockholders’ equity of less than $2,000,000 and net losses in two of its three most recent fiscal years;
· Section 1003(a)(ii) — stockholders’ equity of less than $4,000,000 and net losses in three of its four most recent fiscal years;
· Section 1003(a)(iii) — stockholders’ equity of less than $6,000,000 and net losses in five consecutive years; and
· Section 1003(a)(iv) — The Company has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue operations and/or meet its obligations as they mature.
