ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING
On May 2, 2011, Jackson Hewitt Tax Service Inc. (“the Company”) received notice from the New York Stock Exchange (the “NYSE”) that the Company’s common stock would be suspended from the NYSE prior to the opening of trading on the NYSE on Monday, May 9, 2011. As indicated in a press release issued by the NYSE on May 3, 2011, the NYSE determined to suspend and initiate delisting of the Company’s common stock because the Company’s common stock did not have an average closing price of at least $1.00 per share over the prior 30 trading day period, the average aggregate value of the Company’s common stock over the prior 30 trading day period was less than $50 million and the Company did not have stockholders’ equity of at least $50 million. The Company understands that bid and ask quotations for its common stock may be available in the over-the-counter market.
As previously announced by the Company on April 29, 2011, the Company remains in discussions with the lenders under its Amended and Restated Credit Agreement, originally dated as of October 6, 2006 and amended through April 29, 2011, with Wells Fargo Bank, N.A. (as successor-by-merger to Wachovia Bank, National Association), as Administrative Agent, to agree upon a mutually satisfactory restructuring of the Company’s balance sheet and go-forward funding needs. While the terms of any restructuring remain to be finalized, the terms of the restructuring currently under discussion with the lenders do not contemplate that any value will be available for shareholders. No assurance can be given with respect to the terms or timing of any contemplated restructuring.
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