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An appeal against this determination and request for a hearing before the Exchange's listing qualifications panel has been made and delisting proceeding will be stopped until the result is provided, states the rules of the Exchange, subject to its ongoing review of the company's status.
The Exchange Staff specifically decided that the company was not in compliance with Sections 1003(a)(i), (ii), (iii) and (iv) of the Exchange's Company Guide previously and thereafter notified the company in addition that as per Section 1003(f)(v) of the Company Guide, it believes that a reverse stock split is appropriate. This is in view of the fact that the company's common stock has been selling at a low price per share for a long period of time, which constituted another deficiency with regards to the continued listing requirements of the Exchange.
The Company does not affirm that its appeal will be successful or that if its common stock is de-listed by the Exchange, that the stock will be eligible to trade or be quoted on alternative markets.
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