Be very careful folks. AMTA has to convince Nasdaq to stay on their exchange by 8/30 or else its pink sheet time. Company didn't even issue a PR for this one. Very sneaky.
ITEM 3.01 NOTICE OF DELISTING FOR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING.
On August 15, 2005, Amistar Corporation (the `Company") received a letter from The Nasdaq Stock Market Listing Qualifications Department informing the Company that it is reviewing the Company's eligibility for continued listing on the Nasdaq Small Cap Market because of the Company's failure to comply with Rule 4310(c)(2)(B). Rule 4310(c)(2)(B) requires the Company to have (i) a minimum of $2,500,000 in stockholders equity, (ii) $35,000,000 market value of listed securities, or (iii) $500,000 of net income from continuing operations for the most recently completed year or two of the three most recently completed fiscal years.
The Company has been asked to provide a specific plan to achieve and sustain compliance with the Nasdaq Small Cap Market listing requirements, including the time frame for completion by August 30, 2005. The Company is currently considering its options. In the event the Company is unable to deliver a plan acceptable to Nasdaq, the Company expects to receive notification that its securities will be delisted.
August 30 is on Tuesday, 3 business days away. That is the date by which they have to show Nasdaq their plan to get back into compliance. They don't meet the requirements for minimum stockholders' equity of $2.5 M, minimum net income of $500,000 for the past year or 2 of the past 3 years, or minimum market cap of $35 M.
Actually, AMTA has lost money each year for the last 3 years, their stockholders' equity has gone down steadily, it is no longer above the minimum $2.5 M threshold that Nasdaq requests. If you look at the financials, you'll see that the last quarter (end of quarter 6/30/05) results showed stockholders' equity of $1.706 M.