nasdaq listing standard

Not trying to downramp (I own too many to do this), but this an article from reuters, it may impact on OEC's share price?

Reuters
Lifting the Lid: Below listing standards? No need to fear
Friday January 2, 2:11 pm ET
By Brendan Intindola

NEW YORK, Jan 2 (Reuters) - The New York Stock Exchange has cleaned house in recent days, showing the door to two companies that for months failed to meet its listing standards or file timely financial statements. But not every company that has fallen short or filed late got the boot.

The year-end cleanup, in its selectivity, highlights one of the market's more peculiar aspects -- the exchange will let sub-standard issues trade normally for months as companies try to fix their problems.

And it is not easy for investors to tell when the exchange will decide that time has run out for a substandard company or when the company will get an extension. Companies can appeal NYSE decisions, and the exchange conducts reviews on a case-by-case basis, recognizing that circumstances vary.

After the two recent ousters, 18 companies out of about 2,800 traded on the NYSE remain on the exchange's watch list because they are not in compliance with its rules. At the turn of the year, 15 were below the quantitative requirements, such as market capitalization falling under $50 million or minimum share price of $1.00.

Under NYSE rules, a company must file the annual report no later than 120 days after the end of the fiscal year. Three companies currently have failed to file timely financials.

"Year-end is a natural time to reflect back on the list and what may or may not happen to companies that are late in filing their reports," said Christiaan Brakman, an NYSE spokesman, declining to comment further.

Nortel Networks (Toronto:NT.TO - News; NYSE:NT - News), Lucent Technologies Inc. (NYSE:LU - News) and Qwest Communications International Inc. (NYSE:Q - News) -- all pounded in the telecom meltdown -- are among the most visible beneficiaries of the NYSE's accommodating attitude toward companies that fail to make the grade.

But this week, time ran out for a couple of companies that remain delinquent on filing 2002 annual reports: shoe retailer Footstar Inc. (Other OTC:FTST.PK - News; NYSE:FTS - News) and Interpool Inc. (Other OTC:IPLI.PK - News; NYSE:IPX - News), a major player in cargo-container leasing. The NYSE suspended trade in both stocks, and is asking federal regulators to have the shares delisted.

A SYMBOL OF FORBEARANCE

Still, others linger. Orbital Engine Corp. Ltd. (Australia:OEC.AX - News; NYSE:OE - News), a developer of engine technologies based in Perth, Australia, for instance, has been below the NYSE's standards for nearly a year and a half.

In another case, Symbol Technologies Inc. (NYSE:SBL - News), a maker of bar-code scanners, finally filed an annual report a few days ago -- for 2002. Symbol, however, remains a recommended stock on Wall Street despite widespread accounting problems, regulatory investigations and the resignation at year end of its chief executive.

After repeated filing delays, Symbol said on Tuesday the document is finally ready. The tardy tome includes financial restatements for 1998 through 2001 as well as the first three quarters of 2002. Further, Symbol said it anticipates filing 2003 quarterly reports on Form 10-Q for 2003's first, second and third quarters "within the next few weeks."

Symbol is also facing investigations by the Securities and Exchange Commission (News - Websites) and the U.S. Attorney.

Even so, the stock is considered a good investment by Lehman Brothers and J.P. Morgan.

A month ago, Lehman upgraded Symbol to "overweight" from "equal weight" and analyst Jeffrey Kessler admitted the bullish call was not without risk.

"We fully acknowledge the various risk factors impacting (Symbol): the lack of audited financials, SEC investigation, likelihood of shareholders' suits," Kessler wrote. "Despite these concerns, we still believe it more of a risk being out of the stock than in it."

J.P. Morgan added the stock -- rated "overweight" -- to its "focus list" of preferred names two months ago, where it remains today.

SUB-ORBITAL

Orbital, whose American Depositary Receipts trade on the NYSE, is one of the 15 currently below exchange standards. The company updated investors on its listing status in a regulatory filing a few weeks ago. Orbital explained that it has been in listing limbo for about 15 months, after it was first notified by the exchange in September 2002.

Orbital's specific problem, according to the filing, is falling under the required $50 million in global market capitalization and total shareholders' equity.

A year ago, Orbital had to submit a business plan to the NYSE's "Listings and Compliance Committee" for approval. The NYSE signed off on the plan, and started an 18-month clock for the company to get on the right side of the Big Board's standards.

Orbital's ADRs at one point were trading below $1.00, another violation. But that fix was relatively easy. In May, Orbital changed the number of ordinary shares underlying the ADR to 40 from 8, instantly quintupling the ADR price.

Without the change in ratio, Orbital would still be trading below $1.00, since the ADR closed out 2003 at $4.67.