delisting notice

The company said it has been notified that its shares fail to meet the Nasdaq's $1 minimum bid price requirement.

The firm does not meet a listing requirement calling for at least $2.5 million in stockholders equity and has 45 days to submit a plan to regain compliance.

The company had been warned by Nasdaq in August that it failed to comply with a minimum $10 million stockholder equity requirement to remain listed on the exchange. 

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.

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