US: American Water breaks AMEX rules
American Water Star has received notice from AMEX of non-compliance with some of the exchange's continued listing standards.
The notice said that the non-compliance related specifically to Part 10 of AMEX's Company Guide, Section 1003(a)(iv). AMEX says that American Water Star's financial condition is such that, in the opinion of the exchange, there is doubt as to whether the company could continue operations or meet its obligations as they mature.
However, the US flavoured water specialist is being permitted to retain its listing, at least until AMEX receives its plans to rectify the situation. The company plans to submit a plan to AMEX by 23 December, advising AMEX of the action it has taken.
The Las Vegas-based company has also fallen foul of AMEX regulations by not filing its quarterly report for the period ended 30 September. AMW said it planned to file its 10-QSB form by 9 December.
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