Radiation therapy firm North American Scientific (NAS) of Chatsworth, CA, has received notice from the Nasdaq stock market that it is not in compliance with the exchange's minimum stockholders' equity requirement, the company said.
NAS does not comply with the minimum $2.5 million stockholders' equity requirement for continued listing on the Nasdaq Capital Market. The company also does not comply with requirements that mandate a minimum $35 million market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year, or two of the three most recently completed fiscal years.
NAS will request an appeal of the determination by September 29. Once Nasdaq receives a timely hearing request from NAS, it will stay the delisting of NAS common stock until a final decision is reached, according to NAS.
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