JC,
Here's the actual rules for the de-listing. You're not correct at all.
The company apprised us all of this June 1st. We have till the 15th to file for the appeal , then we have 45 days to be heard of from the date of filing.
"Sec. 1205. REVIEW BY THE EXCHANGE COMMITTEE ON SECURITIES
(a) The Committee on Securities is a committee appointed by the Exchange Board of Directors whose responsibilities include the consideration of determinations to limit or prohibit the continued listing of an issuer's securities on the Exchange.
(b) The issuer may initiate the Committee on Securities' review of any Panel Decision by making a written request within 15 calendar days of the date of the decision. Requests for review should be addressed to the Committee on Securities in care of the Office of General Counsel . If the issuer requests review of the Panel Decision, the issuer must submit a fee of $5,000 to the Exchange to cover the cost of the review by the Committee on Securities. No payment will be credited and applied towards the applicable hearing fee unless the issuer has previously paid all applicable listing fees due to the Exchange. The issuer will be deemed to have waived the opportunity for review, and a review will not be commenced, unless the issuer has submitted the hearing fee and any unpaid listing fees due to the Exchange, in the form and manner prescribed by the Exchange, within 15 calendar days of the date of the Panel Decision.
Upon receipt of the request for review, the Office of the General Counsel will make an acknowledgment of the issuer's request stating the deadline for the issuer to provide any written submissions.
c) The Committee on Securities may authorize the continued listing of the issuer's securities if it determines that such securities should continue to be listed as permitted by Section 1009 or the Panel Decision was in error.
(d) The Committee on Securities will consider the written record and, in its discretion, hold additional hearings. Any hearing will be scheduled, to the extent practicable, within 45 days of the date that a request for review initiated by the issuer is made. The Committee on Securities may also recommend that the Exchange Board of Directors consider the matter. The record of proceedings before the Committee on Securities will be kept by the Office of the General Counsel.
