In an effort to remain in compliance with Nasdaq listing regulations, MRI vendor Fonar has effected a reverse stock split at a ratio of one new share for every 25 shares for its outstanding common stock and all other classes of stock.
The Melville, NY-based developer said that at a Nasdaq hearing on February 15 this year it was told that it must have evidence of a closing bid price of $1 or more for a minimum of 10 consecutive trading days by May 1 to continue its listing on the exchange.
Fonar said that it has implemented the reverse stock split to cure the bid price deficiency.
By AuntMinnie.com staff writers
April 18, 2007
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Fonar receives Nasdaq listing notice, December 22, 2006
Fonar nets German sale, December 5, 2006
Fonar installs Upright MRI in Indiana, November 30, 2006
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