Forget EBITDA, it's the EATIAEE that's Important Here
Forget 12 months of earnings before interest, taxes and depreciation. What counts in this case is earnings after taxes, interest and everything else, because that number, likely a negative again, will have a direct impact on shareholders' equity which is the focal point of the listing problem. In 40 years of experience, I've never heard of a "charter" that requires 12 months of minimum EBITDA, but I have heard many instances in which institutional investors will shy away from a stock that has been delisted.
The only thing that will hold this POS up is if there is no comment from the listing authorities after the earnings report, which would suggest that they had been forewarned about the results that will be unveiled after today's close.