Algernon Pharmaceuticals Inc. C.AGN

Whalewatcher1 when you're going for the jugular don't miss!

[C10H12N2]

Whalewatcher, you need to understand Nasdaq is a 3 Tiered system. Algernon qualifies for an uplisting under "The Net Income Standard". Another big misunderstanding about uplisting is the belief a stock needs to trade above a certain price BEFORE it's eligible to uplist. For example - XYZ company must trade at $4 USD for X number of days or month(s). That's not true for ALL tier levels. The Net Income Standard" only requires the stock to be listed at $4 or better and/or close at $3 or better upon uplisting. There is no look back period for the prior trade price. One has to think why would Algernon (the company) pay a $50,000 USD fee to apply for Nasdaq and not know if they qualify? Pack a lunch for anyone who can prove me wrong with verifiable facts like these:

TheStreet

SEP 18, 2019 12:10 PM EDT

ERIC REED

What Are the Listing Requirements for Nasdaq?

Nasdaq Listing Requirements

Companies listed on Nasdaq must meet two standards. First, they must pass the exchange's general requirements. These apply to every company listed to trade on the Nasdaq exchange. Then, the company must meet one of the requirements for listing on one of the exchange's three market tiers:

• The Nasdaq Capital Market (small capitalization)

• The Nasdaq Global Market (midrange capitalization)

• The Nasdaq Global Select Market (high capitalization)

A company will qualify for listing under one of these tiers; each has its own set of escalating restrictions

General Requirements for Nasdaq

To appear on the exchange, every company must meet the following conditions:

• Nasdaq's criterion for corporate governance, including publicly available shareholder reports, a majority of independent directors on the board, an independent audit committee, an independent committee for the compensation of executives and a uniform code of conduct for all officers and employees.

• The company must meet Nasdaq's conditions for shareholder approval of securities issuances.

• If the company was trading its stock on the over-the-counter market prior to listing, it must have had a trading volume of at least 2,000 shares over the 30 days prior to listing OR a firm underwritten public offering of at least $4 million.

Nasdaq Capital Market

To get listed on the Nasdaq's Capital Market, the section for those with smaller capitalization, a company must have three market makers. It must have at least 1 million unrestricted publicly held shares with at least 300 unrestricted round-lot shareholders. The bid price for these shares must be $4 or, under certain circumstances, have a closing price of between $2 and $3

• The Equity Standard

The company must have total stockholders' equity of at least $5 million.

The market value of its unrestricted publicly held shares must be worth at least $15 million.

It must have operated for at least two years.

• The Market Value Standard

The company must have a total stockholders' equity of at least $4 million.

The market value of its unrestricted publicly held shares must be worth at least $15 million.

The market value of its total listed securities must be worth at least $50 million.

• The Net Income Standard

The company must have a total stockholders' equity of at least $4 million.

The market value of its unrestricted publicly held shares must be worth at least $5 million.

The net income from continuing operations in either the past fiscal year or two out of three of the past fiscal years must be at least $750,000

https://www.thestreet.com/investing/nasdaq-listing-requirements-15092402


I believe Algernon has the worst performing management team of the last 5+ years, but I don't use that opinion for half-cocked criticism. When I come for the King's Head (management/metaphorically speaking) I usually don't miss!

[Whalewatcher1]

Hi C10H12N2, maybe you understand this better. However I don't see how they qualify for the net income standard as they don't make any income and would need history of over $1M per year, see the requirements link below directly from Nasdaq. Even if they met that requirement they'd need to also have $15M US in stockholders equity, which they obviously don't have. It appears the

[C10H12N2]

Sir, you are referring to the WRONG PAGE of the Nasdaq requirements for Algernon. You are looking at PAGE 9 of the requirements which does not apply to Algernon. Page 9 is referring to DIRECT LISTING companies:  Nasdaq - "Companies listing in connection with a Direct Listing must meet all of the criteria under at least one of the four standards below. Listing Rule IM-5405-1 provides

[C10H12N2]

Having given the Nasdaq guidelines another read - Algernon has even better uplisting route under the "Equity sdtandard' of PAGE 11 of the guidelines. Nasdaq Initial Listing Guide  There's a requirement of $15 million USD "Market Value of Unrestricted Publicly Held Shares"  The $15 million valuation would be satisfied with an IPO of $9 per share based on the

[Whalewatcher1]

Ok, so they have zero net income so can't use the net income standard in page 11 you are referring to. Thus equity standard requires $15M market cap. Yet they are only at $5,5M, so they need to raise $10M plus - 65% dilution. Take into account sizewblemdisicount needed. They always adds warrants on every deal so additional dilution.  Sorry but your calculations don't make any sense

[C10H12N2]

 What I’ve said does make sense. What you are not proving or showing is where in the entire document does it require the market cap to be $15 Million PRIOR TO an uplist? It DOESN'T. You are inserting your thought or belief into a document where no such language exists. I'll concede to you the income part which like I said is $750K NOT $1 Million. However, you are still looking at the

[Whalewatcher1]

Dude, we are in agreement $15 Million USD threshold is for the actual uplist. What I don't think you understand is that this company is already traded on CSE and OTC, an uplisting remains dual listed. You CANNOT suddenly change the value of what's being traded on CSE because graduate from otc to Nasdaq. Your example doesn't make sense as the company wasn't listed on another

[C10H12N2]

As I've said before, you are wrong. There is no look back period for the valuation of the company at minimum $15M USD. You can't find the language in the guidelines because it only exists in your mind. Once Algernon uplists what will be your reasoning? M A G I C ? As I've also said, I've watched a company exit bankruptcy and uplist to Nasdaq having traded at. 003 cent with a market

[Whalewatcher1]

Ok so how do they get to $15M when only at $5m? Your example of a company coming out of bankruptcy is not relevant as they were not listed on another exchange. This company is already on CSE. Go look at the last 100 companies that were on Canadian exchange and then co-listed on Nasdaq, they based the Nasdaq listing price off of recent value of Canadian and OTC when on that exchange. It's quite

[C10H12N2]

No No No No! Let me try this one more time and then I'm done with it. THERE IS NO LOOK BACK FOR A VALUATION OF ALGERNON. THE $15M USD VAUATION COMESAT THE TIME OF THE UPLIST. MEANING, AN IPO (CAPITAL RAISE) THAT PUTS ALGERNON AT MINIMUM $15M USD MARKET CAP IS WHAT"S REQUIRED. HERE"S SIMPLE MATH AGAIN: $15 million ÷ 1,678,809 (Outstanding Shares) = $8.94 per share THUS, THE

[Whalewatcher1]

You don't get it, this company is publicly traded and trades every day on CSE and OTC. By going to Nasdaq you don't get a restart on the valuation, can only do that if private. Go ask Andre at Mackie who covers this company and he'd explain. If what you are saying is correct, the stock would already be trading much higher and analyst price targets would also be much higher.  This

[C10H12N2]

No, I get it all the same. Thank you. We are going around in circles and asking anybody from Mackie anything - I'll pass. They've done enough screwing over shareholders the past several years. Stick to what you think you know. I'm moving on.

[C10H12N2]

P.S. Instead of asking a third party why don't you reach out to management? Get your concerns about the uplist answered directly versus dodging around with your thoughts and beliefs. Misguided in my opinion. I'm fine with my opinion. You're the one who appears to be suffering among the masses. My beef has always been about management s entanglements with Malhi. Malhi is the root of all

[C10H12N2]

Whalewatcher1 - "fwiw, what's there to really partner, first need positive data and issued patents that can actually block competitors" Phase 1 DMT and Phase 1 Small Cell lung Cancer positive data could potentially lead to a partnership. How do you know it won't or can't/ You don't know. What we do know is the markets Nasdaq/NYSE are pouring billions into the