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At the end of last year, SAExploration, whose recent investors include hedge funds, had $3.6 million in cash, $121.9 million of debt and total stockholders’ equity of negative $0.2 million, Brian Beatty, chief operating officer, said in a March 16 conference call.

Australia’s four biggest banks are more profitable than those in the United States, Europe, Canada and Japan, measured by return on stockholders’ equity, according to a study last year by Australia’s central bank.

Crumbs said the Nasdaq had based its decision to delist the company on its failure to comply with a minimum stockholders equity requirement of at least $2.5 million.

In its filing with the Securities and Exchange Commission, Crumbs said the Nasdaq had based its decision to delist the company on its failure to comply with a minimum stockholders equity requirement of at least $2.5 million.

Jefferies’ balance sheet is a source of strength as its leverage ratio, a measure of total assets divided by stockholders’ equity, is similar to what it was in 2008 when the company weathered the financial crisis without taking a government bailout, Handler said.