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Press Release.
On April 8, 2014, the Company received notice from The Nasdaq Stock Market (“ Nasdaq ”) that Nasdaq intends to delist the Company’s common stock and that trading of the Company’s common stock will be suspended at the opening of business on April 17, 2014. In accordance with Nasdaq’s discretionary authority provided in Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq indicated that its decision was reached as a result of:
- the Company’s filing of voluntary petitions for reorganization under Chapter 11 of Title 11 the U.S. Code on April 7, 2014;
- concerns regarding the residual equity interest of the existing listed securities holders;
- concerns about the Company’s ability to sustain compliance with all of Nasdaq’s continued listing standards, including because the bid price of the Company’s common stock had closed below $1 per share for 30 consecutive days, resulting in non-compliance with Nasdaq Listing Rule 5450(a)(1); and
- the Company’s failure to timely file with the U.S. Securities and Exchange Commission (the “ SEC ”) its annual report on Form 10-K for the fiscal year ended December 31, 2013 (the “ Form 10-K ”), resulting in non-compliance with Nasdaq Listing Rule 5250(c)(1).
The Company does not intend to take any further action to appeal Nasdaq’s decision to delist the Company’s common stock. Therefore it is expected that the Company’s common stock will be delisted after the completion of Nasdaq’s application to the SEC to delist the Company’s common stock.
Our common stock may be eligible for quotation on the OTC Bulletin Board after our Form 10-K is filed, but such listing would be initiated by a market maker in our stock and we therefore cannot give any assurances as to when or if such listing would take place. We also cannot currently estimate when our Form 10-K will be filed.
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