Sorry, but I don't have time to read and paraphrase all the details. I'll paste and highlight with "-->" from the 8K...
In response to previous notification from the exchange regarding such deficiency, as reported by the Company in a Form 8-K filed March 22, 2016, the Company submitted a plan to regain compliance with Section 1003(a)(iii). Under the Acceptance Letter, --> the Company has been granted a period to implement its plan through September 18, 2017.<-- Such extension is subject to periodic review by the NYSE MKT for compliance with the initiatives set forth in the plan. If the Company is not in compliance with the continued listing standards by September 18 , 2017 , or if it does not make progress consistent with the plan during the plan period, the NYSE Regulation staff may initiate delisting proceedings as appropriate.
Also, as previously reported in a Current Report on Form 8-K filed on March 22, 2016 , the Company was previously notified by NYSE MKT that the Company was not in compliance with the continued listing standards set forth in Section 1003(f)(v) of the Company Guide due to the average selling price of the Company's common stock falling below the acceptable minimum required average share price. The exchange has further notified the Company that, in addition to curing the Section 1003(a)(iii) deficiency, --> it’s continued listing is predicated on either affecting a reverse stock split or otherwise demonstrating sustained price improvement by no later than September 19, 2016. <--
Please take it for how it is written, as I can't explain what "sustained price improvement" means to the NYSE and I believe, but not 100% sure, that they must hit $5.00+ to remain listed.
