Is SHAC Losing Its Effectiveness? Numerous Market Makers Trade Huntingdon Life Sciences

The Sunday Telegraph (London) reports that despite the efforts of Stop Huntingdon Animal Cruelty, Huntingdon Life Sciences has attracted several market makers for its stock in the United States which puts it closer to a full listing on the NASDAQ stock exchange.

HLS stock is currently traded on the NASDAQ Over The Counter Bulletin Board. In mid-August, Oklahoma-based Legacy Trading completed a 30-day period of trading in HLS shares. As a result, now market makers in the United States can trade in shares of the stock without needing to fill out lengthy forms about the company.

Since then, the Telegraph reports that Morgan Stanley Dean Witter, Knight Securities, MH Meyerson & Co., Hill Thompson Magid, Frankel & Co., Paragon Capital Markets and Herzog Heine Geduld have jumped on board to deal in small volumes of HLS on the OTC board.

Now, HLS will have to meet certain financial requirements to attain a listing on either NASDAQ’s national market or its small cap market. The stock has been trading in the $2-$2.50/share range. Minimum bid price for a national market listing is $5/share and for a small cap listing is $4/share (which a stock has to maintain for 90 consecutive trading days prior to the listing).

HLS’s profitability is in its own hands, but as long as it is able to meet its financial goals it looks like SHAC has lost its momentum in preventing shares of the company from being listed.

Source:

US traders back Huntingdon. Lauren Mills, Sunday Telegraph (London), September 8, 2002.

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