The company had previously received a letter from the AMEX advising that it was not in compliance with the listing requirements in that it had shareholders’ equity of less than $4 million and losses from continuing operations and/or net losses in three out of its four most recent fiscal years. In response to the previous letter, the company had submitted a plan, accepted by the AMEX, to bring itself into compliance with such financial requirements by Aug. 24.
In order to maintain its listing, the company must submit a plan by June 8 advising the AMEX of action it has taken or will take that would bring it into compliance with the continued listing standards.
The exchange has advised that if the company is not in compliance with the periodic filing requirements by July 11, it will initiate delisting procedures.
Management said it is “confident” that the company will be able to satisfy such periodic filing requirement by filing the required Form 10-QSB prior to July 11.