MGT Capital Investments, parent of computer-aided detection (CAD) software developer Medicsight, said that the NYSE Amex stock exchange has accepted its plan to regain compliance with its listing standards.
MGT had submitted its plan on July 16 in response to a notice from NYSE Amex that it was not in compliance with certain continued listing standards. The exchange has accepted the plan and granted MGT an extension until December 8, 2012, to regain compliance. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the initiation of delisting proceedings, according to MGT.
In addition, the exchange notified MGT that its common stock had fallen to a low trading price for a significant period of time; therefore, the company is not in compliance with the exchange's listing standards. MGT was given until February 23, 2012, to comply with this section, according to the company.
MGT said that the exchange noted that it could regain compliance by effectuating a reverse split of its common stock prior to February 23, and that it intends to use its best efforts to utilize this remedy.
In the meantime, MGT's common stock will continue to trade on the exchange under the symbol, MGT.BC. It will retain the additional "BC" indicator until MGT regains compliance with the exchange's continued listing requirements.
