SEC v IMAGING DIAGNOSTIC SYSTEMS, INC


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Keywords & Phrases

CaseNo: 34-41633, Defendant: Imaging Diagnostic Systems, Inc., Plaintiff: SEC, State: WA Washington, UniqueCaseRef: SEC>34-41633, Bid Price, Listing, Securities, Nasd, Minimum Bid, Review, Panel, Smallcap Market, Nasdaq Smallcap Market, Stock, Ids, Net Tangible Assets, Securities Exchange Act, Accordance, Inclusion, Commission, Staff, Stockholder, Continued Listing, Common Stock, Impose, Ability, Remand, National Association, Purposes, History, Review Committee, Applications, Compliance, Authority , ContentID: 120247186

Case Documents

1999-07-21

SEC COMMISSION OPINION
[ see first page and extracted highlights below ] ItemID: 117336

8 pages
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Total Documents: 1 document , 8 pages

Price: $ 19.95

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1 . SEC COMMISSION OPINION

EXTRACTED KEY WORDS

LISTING
SECURITIES
NASD
MINIMUM BID
REVIEW
PANEL
SMALLCAP MARKET
NASDAQ SMALLCAP MARKET
STOCK
IDS
NET TANGIBLE ASSETS
SECURITIES EXCHANGE ACT
ACCORDANCE
INCLUSION
COMMISSION
STAFF
STOCKHOLDER
CONTINUED LISTING
COMMON STOCK
IMPOSE
ABILITY
REMAND
NATIONAL ASSOCIATION
PURPOSES
HISTORY
REVIEW COMMITTEE
APPLICATIONS
COMPLIANCE
AUTHORITY

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

SECURITIES EXCHANGE ACT OF 1934
Rel. No. 41633 / July 21, 1999
Admin. Proc. File No. 3-9624

   In the Matter of the Application of

   IMAGING DIAGNOSTIC SYSTEMS, INC.
   c/o Lerner & Pearce, P. A.
   2888 East Oakland Park Boulevard
   Fort Lauderdale, FL 33306

   For Review of Action Taken by the

   NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.

OPINION OF THE COMMISSION
REGISTERED SECURITIES ASSOCIATION -- DENIAL OF NASDAQ SMALLCAP MARKET
LISTING

   Failure to Meet Conditions for Listing

   Registered securities association acted in accordance with its rules
   and the purposes of the federal securities laws in granting listing in
   Nasdaq Smallcap Market only subject to certain conditions. Held,
   review proceeding is dismissed. APPEARANCES

   Allan M. Lerner, of Lerner & Pearce, P.A., for Imaging Diagnostic
   Systems, Inc.

   Robert E. Aber, Sara Nelson Bloom, and Arnold P. Golub, for the Nasdaq
   Stock Market, Inc.

   Appeal filed June 11, 1998
   Last brief filed September 24, 1998

                                    I.

         Imaging Diagnostic Systems, Inc. ("IDS" or the "Company") seeks
   review of a decision of the National Association of Securities
   Dealers, Inc. ("NASD") granting its application to include the
   Company's securities on the Nasdaq SmallCap Market subject to two
   conditions first, that the bid price of the securities meet the
   minimum required for listing and second, that the Company demonstrate
   that it possessed at least $5,000,000 in net tangible assets. The NASD
   imposed these conditions because it found that IDS' common stock

SNIPPETS:

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

OPINION OF THE COMMISSION REGISTERED SECURITIES ASSOCIATION -- DENIAL OF NASDAQ SMALLCAP

Registered securities association acted in accordance with its rules and the purposes of the

Held, review proceeding is dismissed.

Imaging Diagnostic Systems, Inc. seeks review of a decision of the National Association of

The NASD imposed these conditions because it found that IDS' common stock failed to meet the

When it applied, IDS met the specified initial listing requirements of the Nasdaq SmallCap

The staff also expressed doubt as to the Company's ability to continue as a going concern and

The Company appealed to the Qualifications Panel, which affirmed the staff's decision based

On February 5, 1997, the Review Committee reversed and remanded the Panel's decision with

The Review Committee also noted that the Company had met all initial inclusion criteria and

The Panel stated that the additional amount was necessary to allay concerns about the

Pursuant to its authority under Rule 4330 to apply additional or more stringent criteria for

We find that a sufficient factual basis exists to impose certain conditions for inclusion of

According to the proposing release, issuers with pending applications had until July 1, 1997


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