MRI vendor Fonar has received a notice of noncompliance from the Nasdaq stock market, the company said.
Nasdaq's October 14 warning is based on Fonar's inability to meet the minimum stockholders' equity requirement of $2.5 million for continued listing on Nasdaq's Capital Market. Nasdaq found the deficiency after Fonar filed its Form 10-K on October 13 for the fiscal year ended June 30, 2010.
Fonar has also not met Nasdaq's requirements for minimum net income from continuing operations. The company has 45 days to submit a plan to regain compliance, according to the Melville, NY, firm. If Nasdaq accepts the plan, Fonar has 180 calendar days from the date of the warning letter to show compliance.
Related Reading
Fonar sales drop, firm dips into red, October 14, 2010
Fonar Upright MRI aids neck pain diagnosis, July 22, 2010
Fonar revenues dip in Q3, May 18, 2010
Fonar grows revenue in Q1, November 24, 2009
Nasdaq still reviewing Fonar compliance, October 8, 2009
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