Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
As previously in its Form 8-K dated January 13, 2010, the Company received a delisting notice from The NASDAQ Stock Market LLC (“NASDAQ”) due to the Company’s non-compliance with NASDAQ’s $1.00 per share bid price requirement. In response, the Company requested a hearing before a NASDAQ Listing Qualifications Panel to appeal the Staff’s delisting determination. On March 4, 2010, the Company advised NASDAQ that it is withdrawing its appeal and request for continued listing. Accordingly, NASDAQ will suspend trading of the Company’s securities effective with the open of business on Monday, March 8, 2010.
Following the suspension of trading on NASDAQ, the Company expects that its common stock will be quoted on the OTC Bulletin Board (the “OTCBB”), which is operated by FINRA. In that regard, the Company has been advised by a market maker that it has filed the necessary application with FINRA to quote the Company’s securities on the OTCBB. It is expected that the application will be cleared by FINRA so as to facilitate trading on the OTCBB beginning on Monday, March 8, 2010. In the event, the application is not cleared by FINRA in time for trading on Monday, the Company’s securities will be eligible for quotation and trading on The Pink Sheets.
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