Friday, July 30, 2010 11:49:31 AM
On December 2, 2009, the Company received a delisting notification from The NASDAQ Global Market indicating that the Company's common stock had failed to close above $1.00 per share for more than 30 consecutive trading days and, as a result, the Company was not in compliance with the Minimum Bid Price Rule. The delisting notification also granted the Company 180 calendar days, or until June 1, 2010, to regain compliance with the Minimum Bid Price Rule, which would occur if the Company's common stock closed above $1.00 per share for ten consecutive trading days. As the Company's common stock has not closed above $1.00 per share for ten consecutive trading days within the grace period provided, to avoid a second delisting notification, the Company requested and received approval from Nasdaq to transfer the listing of its common stock from The NASDAQ Global Market to The NASDAQ Capital Market. In addition, in connection with the transfer to the NASDAQ Capital Market, Nasdaq granted the Company an additional 180 calendar days, or until November 29, 2010, to regain compliance with the Minimum Bid Price Rule. If compliance is not regained by that date, Nasdaq will notify the Company of its determination to delist the Company's common stock, which decision may be appealed to a Nasdaq Listing Qualifications Panel.
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