Radiation therapy firm North American Scientific (NAS) said it has regained compliance with the Nasdaq stock market's minimum $2.5 million stockholders' equity requirement for continued listing on the Nasdaq Capital Market.
As a result of the compliance, the Nasdaq Listing Qualifications Panel has determined that a planned October 30 hearing is no longer necessary, according to the Chatsworth, CA-based vendor.
In related developments, NAS said that it also has received a letter from Nasdaq notifying the firm that it has suspended enforcement of the bid price and market value of publicly held shares requirements through Friday, January 16, 2009. Because NAS is currently in a bid price compliance period, it will have until May 26, 2009, to regain compliance by achieving a $1 closing bid price for a minimum of 10 consecutive trading days, according to the company.
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NAS runs afoul of Nasdaq requirements, September 26, 2008
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NAS to divest nontherapeutic products, September 4, 2008
NAS gets Nasdaq noncompliance notice, August 25, 2008
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