R-14Driver
TB Legend
- Credits
- 0
The Company has requested a hearing with a Hearings Panel (the “Panel”) to appeal the proposed de-listing, which stays the suspension of trading in, and delisting of, the Common Stock pending the Panel’s decision. A hearing with the Panel is scheduled for October 7, 2010 and the Panel would be expected to issue a decision within 30-45 days of the date of the hearing.
In the Company’s appeal to the Panel, it will request an additional period of time to regain compliance with the minimum bid price rule. There is no assurance that the Panel will grant the Company any additional time to regain compliance with the minimum bid price rule. The Company plans to implement a reverse stock split, if necessary, to regain compliance with the minimum bid price rule prior to the Common Stock being removed from listing and registration on The NASDAQ Stock Market. The Company’s board of directors continues to evaluate the timing and ratio of a reverse stock split in connection with the hearing process described above and has the authority to implement the reverse stock split at any time. On February 17, 2010, the Company’s stockholders at a special meeting approved an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of the Company’s common stock at a ratio that will be determined by the Company’s board of directors and that will be within a range of one-to-five to one-to-25. ....
Form 8-K
In the Company’s appeal to the Panel, it will request an additional period of time to regain compliance with the minimum bid price rule. There is no assurance that the Panel will grant the Company any additional time to regain compliance with the minimum bid price rule. The Company plans to implement a reverse stock split, if necessary, to regain compliance with the minimum bid price rule prior to the Common Stock being removed from listing and registration on The NASDAQ Stock Market. The Company’s board of directors continues to evaluate the timing and ratio of a reverse stock split in connection with the hearing process described above and has the authority to implement the reverse stock split at any time. On February 17, 2010, the Company’s stockholders at a special meeting approved an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of the Company’s common stock at a ratio that will be determined by the Company’s board of directors and that will be within a range of one-to-five to one-to-25. ....
Form 8-K
