Chey,
PP meets all of the other requirements listed below so this second 180 day compliance request should be considered by management. I see no rational for not engaging with SEC.
Sounds like a perfect solution.
"Thereafter, if such a company does not regain compliance with the bid price requirement a second 180-day compliance period may be available. A company listed on the Nasdaq Capital Market may be eligible for an additional 180-day compliance period if it meets the market value of publicly held shares requirement for continued listing, all other initial inclusion requirements for the Capital Market, except for the bid price requirement, and provides written notice that it intends to regain compliance with the bid price requirement during the second 180-day compliance period, by effecting a reverse stock split if necessary. "
5550. Continued Listing of Primary Equity Securities
A Company that has its Primary Equity Security listed on the Capital Market must continue to meet all of the requirements set forth in Rule 5550(a) and at least one of the Standards set forth in Rule 5550(b). Failure to meet any of the continued listing requirements will be processed in accordance with the provisions set forth in the Rule 5800 Series.
(a) Continued Listing Requirements for Primary Equity Securities:
(1) At least two registered and active Market Makers, one of which may be a Market Maker entering a stabilizing bid;
(2) Minimum bid price of at least $1 per share;
(3) At least 300 Public Holders;
(4) At least 500,000 Publicly Held Shares; and
(5) Market Value of Publicly Held Shares of at least $1 million.
(b) Continued Listing Standards for Primary Equity Securities:
(1) Equity Standard: Stockholders' equity of at least $2.5 million;
(2) Market Value of Listed Securities Standard: Market Value of Listed Securities of at least $35 million; or
(3) Net Income Standard: Net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years.
Adopted March 12, 2009 (SR-NASDAQ-2009-018); amended June 16, 2009 (SR-NASDAQ-2009-052).
