NASDAQ told the beleagured independent movie production company yesterday that it's concerned about possible violations of its rules regarding notification of new share issuance ' and the requirement for investors to approve new securities that could represent more than 20% of the voting shares. The market also has questions about Seven Arts' proxy statement. Company CEO Peter Hoffman says he was 'surprised' by NASDAQ's decision 'for what we viewed as technical issues.' NASDAQ's position could change if Seven Arts complies with the notification rules. 'We will make all additional disclosures requested by NASDAQ and remain confident that the actions taken at the stockholders' meeting were pursuant to our articles, bylaws and Nevada Law,' Hoffman says. 'We will be appealing any decision to de-list the Company's common stock.' Seven Arts reported that it lost $1.59M in Q1, vs its $973,034 loss in the period last year, on revenues of $187,793, down 31%. The company's shares are down 88.8% in 2012, and 96% for the last 12 months.
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