PSC seeks to retain small-cap standing.Byline: CHRISTIAN WIHTOL Register-Guard Business Editor The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. is looking to boot financially struggling laser-scanner maker PSC (Public Service Commission) Same as PUC. Inc. from the Nasdaq SmallCap Market. PSC, which is based in Portland and has its main manufacturing operations with 650 employees in Eugene, said it is seeking a hearing before the Nasdaq Listing Qualifications Panel to appeal the delisting. Nasdaq notified PSC that it would be delisted because it no longer met Nasdaq requirements for asset size or stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. value, PSC said. Nasdaq early last year booted PSC from the main Nasdaq market onto the small-cap market because PSC's stock price had fallen below $5 a share. Now, it's PSC's weak balance sheet that's the problem. PSC's latest publicly released balance sheet, for March 29, lists assets of $135.7 million (including $32 million in accounts receivable and $69 million in intangible assets), and liabilities that include $120 million in debt plus $73 million in paid-in capital, leaving a stockholder deficit of $29 million. Under Nasdaq small-cap rules, companies must have at least $2 million in net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". or at least $2.5 million in stockholders equity, PSC said in a news release. If PSC is ousted from the small-cap market, its stock could trade on the so-called "over-the-counter" market, a telephone and computer network of dealers that is overseen by the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. . Typically, though, a company likes to be traded on a formal market such as the Nasdaq or the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. because that makes it easier for investors to buy and sell the company's stock. PSC's stock on Thursday closed at 43 cents, down 8 cents, on a volume of 52,300 shares. |
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