The company said in a filing with the US Securities and Exchange Commission that it is not in compliance with the exchange's minimum shareholders' equity requirement.
The firm now has until Feb. 27, 2017 to achieve and maintain a $1 minimum list price on its shares for 10 consecutive days.
The company was told in October that it was not in compliance with continued listing rules, and it also received a notice of potential delisting in April.
The stock exchange has told the company that it is has failed to comply with the minimum stockholders' equity requirement for continued listing.
The company said it plans to schedule a hearing in front of the Nasdaq Listing Qualifications Panel to ask for a 30 day extension to regain compliance.
Nasdaq said the firm is not in compliance with the $1.00 minimum bid price required for continued listing for the 30 consecutive business days leading up to Feb. 23.
The exchange warned the company that its stock could be delisted if it doesn't meet the $1.00 minimum required closing bid price.
The company's stock faces a potential delisting from Nasdaq for failing to meet the stock exchange's $1 minimum bid price for 30 consecutive days.
The company's shares have failed to meet the Nasdaq's $1 minimum bid price for 30 consecutive business days and it has 180 days to regain compliance.
Nasdaq told the company that it fails to meet requirements calling for a minimum $35 million market value of listed securities and a $1 minimum bid price on its shares.
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