18 NCAC 06A .1202         RECOGNIZED SECURITIES MANUALS

(a)  The publications recognized by the administrator as securities manuals for the purposes set forth in G.S. 78A‑17(2)a. shall be:

(1)           Standard and Poor's Corporation Records,

(2)           Mergent's Industrial Manual,

(3)           Mergent's Over‑the‑Counter Industrial Manual,

(4)           Mergent's International Manual, and

(5)           Periodic supplements to each recognized securities manual.

Other publications may be recognized by the administrator, on a case by case basis, upon a showing that the information required by G.S. 78A‑17(2)a. is actually contained in the publication.

(b)  None of the publications in Paragraph (a) shall be recognized as relating to the securities of a particular issuer unless all of the information required by G.S. 78A‑17(2)a. is contained in the publication, and:

(1)           such information has been continuously published in that securities manual for at least fifteen months preceding the commencement of a distribution in reliance on G.S. 78A‑17(2)a.; or

(2)           during the twelve months preceding the commencement of a distribution in reliance on G.S. 78A‑17(2)a., the issuer's common stock or equivalent security has traded at the price of five dollars ($5.00) or more per share for a period of at least thirty consecutive days as quoted in the Wall Street Journal or similar national publication; or

(3)           as of the end of its most recent fiscal year, the issuer had:

(A)          a tangible net worth (i.e., net worth computed by excluding intangible assets) of at least one million dollars ($1,000,000), and

(B)          net income, after taxes, or at least one hundred fifty thousand dollars ($150,000); or

(4)           during the twelve months preceding a distribution in reliance on G.S. 78A‑17(2)a., the issuer completed a public offering of securities which raised at least five million dollars ($5,000,000).

History Note:        Authority G.S. 78A‑17(2)a.; 78A‑49(a);

Eff. April 1, 1981;

Amended Eff. October 1, 2000; February 1, 1991; September 1, 1990; October 1, 1988;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. December 6, 2016.