Resolution Letter also indicates the Company has become subject to the provisions of Section 1009(h) of the AMEX
Company Guide which provides that if a company, within 12 months of the end of AMEX
extension period (the "AMEX
Plan Period"), is again determined to be below Continued Listing Standards, the AMEX
staff will examine the relationship between the two incidents of falling below Continued Listing Standards and re-evaluate the company's method of financial recovery from the first incident.
To maintain its listing, Semotus will be subject to periodic review by AMEX
staff during the extension period.
The AMEX staff invited the Company to submit a plan of compliance addressing the continued listing deficiency by no later than October 31, 2006.
The Company may appeal a staff determination to initiate such proceedings and seek a hearing before an AMEX panel.
notified ImageWare that the company was not in compliance with Rules 1003(a)(ii) and (iii) of the AMEX
Company Guide because the company's shareholders' equity was less than $4,000,000 and losses from continuing operations were incurred in three of the last four fiscal years, and that its shareholder's equity was less than $6,000,000 and losses from continuing operations were incurred in ImageWare's last five fiscal years.
Matritech intends to submit a plan to the AMEX
staff prior to October 23, 2006.
Pursuant to a previously disclosed letter from the AMEX
dated June 14, 2006 informing the Company that it was not in compliance with certain continued listing standards, the Company was afforded the opportunity to submit a plan of compliance to the AMEX
and on July 14, 2006 presented its plan to the AMEX
In order to maintain its AMEX
listing the Company must submit a plan by September 22, 2006 advising the AMEX
of the action the Company has taken or will take that would bring it into compliance with the continuing listing standards identified within a maximum of 18 months of receipt of the AMEX