Wireless Ronin gets de-listing warning from NASDAQ
August 20, 2010 by Dave Haynes
The SEC filing on Thursday:
NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING.(a) On August 17, 2010, we received a deficiency letter from the NASDAQ Stock Market (“NASDAQ”) Listing Qualifications Department notifying us that, based upon our Form 10-Q filed with the U.S. Securities and Exchange Commission on August 13, 2010, we no longer comply with NASDAQ Marketplace Listing Rule 5450(b)(1)(A), which requires a minimum of $10,000,000 in stockholders’ equity for listing on the NASDAQ Global Market.
We have until October 1, 2010 to submit a plan to NASDAQ to regain compliance. If accepted, NASDAQ can grant an extension of up to 180 calendar days from August 17, 2010 to evidence compliance. Alternatively, we may be eligible to have the listing of our shares transferred to the NASDAQ Capital Market, if we meet the continued listing requirements for the NASDAQ Capital Market.
We anticipate that we will either submit a plan to achieve compliance with the NASDAQ Global Market listing requirements, or, in the alternative, submit a transfer application for listing on the NASDAQ Capital Market no later than October 1, 2010.
Ronin’s latest quarterly report showed some genuine progress in sales ands costs controls, but added to the overall pile of losses, now at $68M and counting.
Maybe they shouldn’t have sent that SEC form in on Friday the 13th …