[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR228.201]

[Page 313]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 228--INTEGRATED DISCLOSURE SYSTEM FOR SMALL BUSINESS ISSUERS--Table of Contents
 
                        Subpart A--Regulation S-B
 
Sec. 228.201  (Item 201) Market for Common Equity and Related Stockholder Matters.

    (a) Market information. (1) Identify the principal market or markets 
where the small business issuer's common equity is traded. If there is 
no public trading market, so state.
    (i) If the principal market for the small business issuer's common 
equity is an exchange, give the high and low sales prices for each 
quarter within the last two fiscal years and any subsequent interim 
period for which financial statements are required by Item 310(b).
    (ii) If the principal market is not an exchange, give the range of 
high and low bid information for the small business issuer's common 
equity for each quarter within the last two fiscal years and any 
subsequent interim period for which financial statements are required by 
Item 310(b). Show the source of the high and low bid information. If 
over-the-counter market quotations are provided, also state that the 
quotations reflect inter-dealer prices, without retail mark-up, mark-
down or commission and may not represent actual transactions.
    (2) If the information called for by paragraph (a) of this Item is 
being presented in a registration statement relating to a class of 
common equity for which at the time of filing there is no established 
public trading market, indicate the amount(s) of common equity:
    (i) that is subject to outstanding options or warrants to purchase, 
or securities convertible into, common equity of the registrant;
    (ii) that could be sold pursuant to Rule 144 under the Securities 
Act or that the registrant has agreed to register under the Securities 
Act for sale by security holders; or
    (iii) that is being or has been proposed to be, publicly offered by 
the registrant unless such common equity is being offered pursuant to an 
employee benefit plan (or dividend reinvestment plan), the offering of 
which could have a material effect on the market price of the 
registrant's common equity.
    (b) Holders. Give the approximate number of holders of record of 
each class of common equity.
    (c) Dividends. (1) Discuss any cash dividends declared on each class 
of common equity for the last two fiscal years and in any subsequent 
period for which financial information is required.
    (2) Describe any restrictions that limit the ability to pay 
dividends on common equity or that are likely to do so in the future.

Instruction: Canadian issuers should, in addition to the information 
called for by this Item, provide the information in Item 201(a)(1)(iv) 
of Regulation S-K and Instruction 4 thereto.