MRI vendor Fonar of Melville, NY, has received a delisting notice from the Nasdaq stock exchange.
In documents filed with the Securities and Exchange Commission on December 23, Fonar said that it had received the notice because the bid price on its stock had closed below the minimum $1 per share price for the past 30 consecutive trading days.
According to Nasdaq rules, Fonar has been provided with a 180-day period, or until June 20, 2006, to regain compliance. Fonar will be considered to be back in compliance if any time before the deadline the bid price of the company's stock closes at $1 a share or more for 10 consecutive business days. If the company fails to meet the requirements then its stock will be delisted from the Nasdaq Capital Market.
By AuntMinnie.com staff writers
January 5, 2006
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