American Learning Corporation Announces Voluntary Delisting From NASDAQ
Not "great" news at all. For years they always maintained their listing so it was reasonable to think they would again.
The voluntary decision to delist from NASDAQ was taken following the Board of Director's detailed review of numerous factors including: the aforementioned NASDAQ letter, the applicable NASDAQ rules and regulations, the benefits generated by the maintenance of the listing, the Company's current share price, the feasibility of proceeding with a reverse stock split to maintain the listing and the effect on the Company's share price to proceed with a reverse stock split. The Board of Directors delegated authority to Gary Gelman, President and Chief Executive Officer and a Director of the Company, to make the decision to delist the Company's common stock from NASDAQ.
The Company intends to file Form 25 with the Securities and Exchange Commission ("SEC") on or about March 15, 2013 to effect the voluntary delisting of its common stock from NASDAQ. The official delisting of the Company's common stock will become effective approximately ten days thereafter. The Company will continue to file periodic reports with the SEC pursuant to the requirements of Section 12(g) of the Securities Exchange Act of 1934, as amended.
The Company is working with several market makers and anticipates that following its NASDAQ delisting, ALRN's common stock will be quoted on the OTC Bulletin Board ("OTCBB"), a centralized electronic quotation service for over-the-counter securities operated by the NASDAQ OMX Group, Inc. The Company expects that its common stock will continue to trade on the OTCBB so long as a market maker demonstrates an interest in trading the common stock.