Fonar has received notification from Nasdaq that the company has not complied with the stock market's annual-meeting statute.
The Melville, NY-based MRI vendor has not yet solicited proxies or held its annual meeting for the fiscal year ending June 30, 2007.
The notice indicated that Fonar's securities are subject to delisting from Nasdaq unless the company requests a hearing before the Listing Qualifications Panel.
Fonar plans to request a hearing for continued listing based on its plan to solicit proxies and hold its annual meeting. The company, however, added that there is no assurance the panel will grant the request.
Related Reading
Fonar completes Florida sale, July 1, 2008
Fonar's revenues dip in Q3, May 23, 2008
Fonar advances revenues in Q2, February 19, 2008
Fonar sells second Upright MRI to CDI, January 15, 2008
Fonar sells first Upright scanner in Canada, December 20, 2007
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