Fair question.

Rule 5810(b) which requires them to dislcose a denial is part of the Rule 5800 "Failure to Meet Listing Standards" Rules (i.e., Rules 5801 - 5810).

Rule 5801 includes a preamble to these rules explaining their applicability and provides:

"Securities of a Company that does not meet the listing standards set forth in the Rule 5000 Series are subject to delisting from, or denial of initial listing on the Nasdaq Stock Market. This Section sets forth procedures for the independent review, suspension, and delisting of Companies that fail to satisfy one or more standards for initial or continued listing, and thus are "deficient" with respect to the listing standards.

The Listings Qualifications Department is responsible for identifying deficiencies that may lead to delisting or denial of a listing application; notifying the Company of the deficiency or denial; and issuing Staff Delisting Determinations and Public Reprimand Letters. Rule 5810 contains provisions regarding the Listing Qualifications Department's process for notifying Companies of different types of deficiencies and their corresponding consequences.

These general rules are applicable to continued listing and initial listing standards. 5810(b) provides that if your listing application is denied, you must disclose that fact and the reasons.