MRI vendor Fonar of Melville, NY, has received another warning from the Nasdaq Stock Market, the company said.
The notice states that Fonar is not in compliance with the minimum stockholders' equity requirement of $2.5 million for continued listing on the Nasdaq Capital Market.
It's the second warning the company has received this year: On July 8, Nasdaq issued Fonar a notice of noncompliance due to the company's failure to satisfy Nasdaq's proxy solicitation and annual meeting requirements. Fonar requested a hearing before a Nasdaq Listing Qualifications Panel, before which the company presented its plan to regain compliance with those requirements.
In response to this latest warning, the company will present a written plan for regaining compliance with Nasdaq's stockholders' equity requirement, Fonar said.
Related Reading
Fonar grows sales, narrows loss in fiscal 2008, October 14, 2008
Nasdaq to hold hearing for Fonar, July 22, 2008
Nasdaq puts Fonar on notice, July 14, 2008
Fonar completes Florida sale, July 1, 2008
Fonar's revenues dip in Q3, May 23, 2008
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