Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; T
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On January 7, 2008, Signalife received a deficiency letter from the American Stock Exchange ("AMEX") pursuant to which it advised that the company would need to comply with AMEX's $6 million stockholders' equity threshold required for continued listing under AMEX Rule 1003(a)(iii). This notification was triggered by the decline of Signalife's market capitalization to less than $50 million, which previously exempted Signalife from meeting the minimum stockholders' equity requirement. In response to the letter, Signalife submitted to AMEX for its review and acceptance a plan to bring the company into compliance with the aforesaid stockholders' equity requirement. On March 20, 2008, AMEX notified Signalife that it accepted the company's plan of compliance and granted the company an extension until May 7, 2009 to regain compliance with the aforesaid stockholders' equity requirement. On May 14, 2008, Signalife received a second deficiency letter from the American Stock Exchange ("AMEX") pursuant to which it advised that Signalife would also need to comply with AMEX's $4 million stockholders' equity threshold required for continued listing under AMEX Rule 1003(a)(ii). In that letter, AMEX advised Signalife that should it desire to do so, the company could supplement its pending plan of compliance to address this new deficiency. Signalife believes that its pending plan of compliance will have equal applicability to the new deficiency cited, and has notified AMEX that it will be supplementing its pending plan of compliance to address this new issue. No guarantee can be given that AMEX will accept the plan as supplemented or that Signalife will be able to so increase its stockholders' equity to the $4 million threshold within the period stipulated by AMEX, either of which would lead to a delisting of Signalife's common shares from the AMEX market.
Form 8-K for SIGNALIFE, INC.
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15-May-2008
TechKim
