Lumenon Heading For NASDAQ Listing
Lumenon Innovative Lightwave Technology Inc. http://lumenon.com, another developer of optical integrated circuits, is likely to get a full listing on NASDAQ within the next three of four weeks, according to its CFO, Vincent Bellanger.
The move could help bolster the company's share price because many investors aren't comfortable dealing with stocks traded on junior markets such as NASDAQ's Over-The-Counter Bulletin Board, or worse still, on unauthorized markets, known in the U.S. as "the pinks."
Lumenon shares were being traded on the pinks earlier this year. New regulations had required it, along with other companies, to submit new documentation to the U.S. Securities and Exchange Commission. And while this was being vetted, trading of Lumenon shares on the OTC Bulletin Board was suspended (see Is Lumenon's Share Price Set to Soar?).
Life on the pinks proved tough for Lumenon, who saw its share- price tumble an the basis of gossip in chat groups. But those days came to an end after Lumenon's documents were approved by the SEC and trading on the OTC Bulletin Broad resumed on March 9.
At that time, NASDAQ also told Lumenon that its application for a listing on NASDAQ's National Market would get approved, so long as its shareprice wasn't excessively volatile and remained above $5 for the next 30 days. This seems likely, according to Bellanger, who points out that Lumenon stock is currently trading at around $38.
by Peter Heywood, International Editor, Light Reading , http://www.lightreading.com