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Flamemaster Corp. has received a NASDAQ staff determination indicating the company failed to comply with NASDAQ marketplace in connection with the April acquisition of Best Candy & Tobacco Co., a candy and tobacco distributor to c-stores and others.
These include Rule 4310©(17) regarding notification of the issuance of additional shares, rule 4350(i)(1)© regarding shareholder approval and rule 4330(f) regarding reverse mergers, Flamemaster reported.
The company acquired Best Candy & Tobacco by issuing non-voting convertible preferred stock. NASDAQ determined the transaction with Best Candy constituted a reverse merger and that an initial listing application for Best Candy would be required.
If the NASDAQ listing qualifications panel concurs with the above staff determination, Flamemaster's stock will be de-listed from the NASDAQ Small Cap Market. The common stock will immediately be eligible for quotation on the OTC Bulletin Board under the symbol "FAME," the company said.