Seems there are 3 delisting letters (see below) - another one for PPS below $1.
FWIW: With current market conditions- bet they wait a bit-- If Eurozone goes sour in short term and significantly affects US markets this fall, perhaps NASDAQ will allow extension deadlines for these letters as they did for some companies in 2009? So they wait for more favorable markets to pull a PROMO and a pincher?
They have temp CEO, are starting the online help system, and phasing out software... Revs looked good QOQ- so willing to sit and wait a bit. Appears to be a good call- thanks,
Not bashing, only doing some DD in the meantime...
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On August 30, 2011, the Company received a second letter from Nasdaq stating that, because the Company has not maintained a minimum bid price of $1 per share during the period from July 19, 2011 to August 29, 2011, the Company no longer meets the requirement of Listing Rule 5450(a).
The second Nasdaq letter states that, pursuant to the Listing Rules, the Company has a 180 day compliance period, which expires on February 27, 2012, during which it must comply with the Listing Rules. If during the compliance period the closing bid price of the Company's common stock is at least $1 for a minimum of ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. The second Nasdaq letter also states that, if the Company chooses to implement a reverse stock split, it must complete the reverse split no later than ten business days prior to the expiration of the compliance period on February 27, 2012. Finally, the second Nasdaq letter states that the Company may be eligible, pursuant to the Listing Rules, for additional time following the expiration of the compliance period.
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