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Appendices<br />
Appendix V: NYSE MKT continued listing standards (a)<br />
NYSE MKT has both quantitative and qualitative continued listing criteria. When a company falls below any criterion, NYSE MKT will review<br />
the appropriateness of continued listing. The following is a summary of NYSE MKT’s quantitative continued listing standards. For a more<br />
complete discussion of NYSE MKT’s continued listing standards, as well as the procedures followed when a company falls below any of the<br />
continued listing criteria, see Section 1003 and Section 1009 of the Company Guide, which can be accessed at http://wallstreet.cch.com/<br />
MKT/CompanyGuide/.<br />
A company falls below compliance if its stockholders’ equity is less than:<br />
• $2 million and the company has two out of three years of losses from continuing operations and/or net losses.<br />
• $4 million and the company has three out of four years of losses from continuing operations and/or net losses.<br />
• $6 million and the company has five consecutive years of losses from continuing operations and/or net losses.<br />
A company is not subject to stockholders’ equity continued listing requirements if it has:<br />
• Market capitalization of $50 million; OR<br />
• Total assets AND total revenue of $50 million each (in last fiscal year or two of the last three); AND (in each case)<br />
• Distribution: 1.1 million shares publicly held, $15 million market value of public float, and 400 round-lot shareholders.<br />
Distribution<br />
A company falls below compliance if:<br />
• The number of publicly held shares is less than 200,000; OR<br />
• It has fewer than 300 Shareholders; OR<br />
• The market value of publicly held shares is less than $1 million (if below for 90 consecutive days).<br />
(a) In addition to the financial and distribution standards shown above, NYSE MKT has requirements relating to: 1. disposal of assets/reduction of operations; 2. failure to<br />
comply with the Listing Agreement and/or SEC requirements; 3. low selling price; 4. failure to pay listing fees; 5. maintenance of sufficient liquidity; and 6. public interest<br />
concerns.<br />
116 NYSE IPO Guide