Foundation Healthcare Inc. (fka FDNHQ)

[Stock_Barber]

Graymark Healthcare Receives Non-Compliance Notice From NASDAQ
04/4/2011

On April 1, 2011, Graymark Healthcare, Inc. received a written notice from NASDAQ Stock Market LLC (NASDAQ) indicating that Graymark is not in compliance with NASDAQ Marketplace Rule 5550(b), the continued listing standards for primary equity securities on The Nasdaq Capital Market, because its stockholders equity was less than $2.5 million at December 31, 2010, and it does not meet the alternative standards of market value of listed securities or net income from continuing operations. Under the rules of The Nasdaq Stock Market, Graymark has 45 calendar days, or until May 16, 2011, to submit a plan to regain compliance with the continued listing standards.

If the plan is accepted, Graymark will be granted an extension of up to 180 calendar days from the date of the notice, or until September 28, 2011, to regain compliance with the continued listing standards. If Graymark does not regain compliance with the continued listing standards, its common stock will be subject to delisting. Graymark intends to submit a plan to regain compliance by the May 16, 2011 deadline but it can give no assurance that its plan will be accepted or, if accepted, the plan will be successfully implemented by September 28, 2011. The notice from Nasdaq has no effect at this time on the listing of Graymark common stock on The Nasdaq Capital Market.

Weird... I see 29M OS, 70% insider ownership, so ~30% publicly traded (8.7M shares). 8.7M * $.50 = $4.4M public ownership. Some number must be wrong...