DULUTH, GA.: Wegener said today that its delisting from the NASDAQ was impending. Wegener received a delisting notice from NASDAQ on Nov. 30 that its shareholder equity did not meet the stock exchange’s $2.5 million minimum as of Aug. 28, 2009. The NASDAQ notice additionally stated that Wegener missed the equity alternatives as of Nov. 27. Those included having a market value of listed securities totaling $35 million, or net income of $500,000 in either the last fiscal year or two of the last three. NASDAQ notified Wegener last year that it’s stock had been trading below the $1 per share minimum for more than 30 days. The company received several extensions on the share price floor, but the compliance deadline is Dec. 7.
“Because the company will not be in compliance... on Dec. 7, 2009, the NASDAQ staff will then provide written notification that our securities will be delisted,” Wegener said. It intends to appeal and to present a plan for compliance. An audit is currently in progress on its fiscal 2009 annual report, as per NASDAQ rules.
Wegener also received an extension on a $250,000 promissory note due to the David E. Chymiak Trust, originally due Nov. 30. It’s now due May 31, 2010.
More on Wegener:
December 1, 2009: “Wegener Nets $534,000 Order”
November 30, 2009: “Wegener Swings to $2.6 Million Loss for FY2009”
October 14, 2009“Wegener Lands $4 Million in Financing”
September 17, 2009: “Sencore Deal to Buy Wegener Cancelled”
July 21, 2009: “Sencore Aims to take Wegener in $6 Million Deal”
July 14, 2009: “Wegener’s Fiscal 3Q Revenues Down 34 Percent”
April 14, 2009: “Wegener Breaks Even in Fiscal 2Q09”
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