"Companies must also have at least 450 round lot (100 shares) shareholders, 2,200 total shareholders, or 550 total shareholders with 1.1 million average trading volume over the past 12 months."

So this appears to be a "must have one of three" clause. Either

1) 450 round lot shareholders with 100 shares each or;
2) 2,200 total shareholders, or;
3) 550 total shareholders and 1.1 million average volume.

If we have either of 1) or 2), then 3) (and associated volume requirement) is meaningless. Anyone know how many shareholders there are currently? I couldn't find it in the latest 10Q - maybe in the 10K annual? Or is that confidential info, not to be made public in a SEC doc?

Could be the reason Joe isn't worried about the volume is that there are enough shareholders to meet criteria 1) or 2).