NEW YORK (GenomeWeb News) – Accelr8 today said that is has been notified by the NYSE Amex that the company has not regained listing requirements and will request a hearing with a panel from the exchange to fend off delisting action.
The exchange, which had been called the NYSE Alternext, told Accelr8 in January 2009 that it did not meet minimum listing requirements and gave the Denver company until July 6, 2010, to draft and implement a plan in order to regain compliance.
On July 7, the NYSE Amex notified Accelr8 that it was still not in compliance with listing standards. In order to be listed, the exchange requires that a company have at least $4 million in stockholder equity if it has losses from continuing operations and net losses in three of the four most recent fiscal years. If the company has losses from continuing operations and net losses in its five most recent fiscal years, the minimum stockholder equity is raised to at least $6 million.
As a result of the NYSE Amex's finding, it could proceed to delist Accelr8's stock.
Accelr8 said it intends to ask for a hearing with the Listing Qualifications Panel of the NYSE Amex to appeal the exchange's determination of non-compliance. At the hearing the company will present its plan to regain compliance and ask that its stock continue listing on the exchange, Accelr8 said in a statement.
The request will automatically stay the delisting of Accelr8's stock until the panel renders a decision following the hearing.
In early Wednesday trade, Accelr8's shares were down 2 percent at $.99.