Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; T
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
The Company received a Nasdaq Staff Deficiency Letter on June 8, 2012 indicating the Company's common stock has closed below the minimum $1.00 per share requirement for continued inclusion under Marketplace Rule 5550(a)(2). The Company is provided 180 calendar days, or until December 5, 2012, to regain compliance.
During this 180 day period the Company's shares will continue to trade on the Nasdaq Capital Market. The Nasdaq Capital Market has indicated that if at any time before December 5, 2012, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days; the Nasdaq Staff will provide written notification that it has achieved compliance with the rule.
In the event the Company does not regain compliance, the Company may be eligible for additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, the Nasdaq Capital Market will inform the Company that it has been granted an additional 180 calendar days.
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