12.03.2009 01:00 PM
NASDAQ Prepares to Drop Wegener
DULUTH, GA.: Wegener said today that its delisting from the NASDAQ was impending. Wegener received a delisting notice from NASDAQ on Nov. 30 that its shareholder equity did not meet the stock exchange’s $2.5 million minimum as of Aug. 28, 2009. The NASDAQ notice additionally stated that Wegener missed the equity alternatives as of Nov. 27. Those included having a market value of listed securities totaling $35 million, or net income of $500,000 in either the last fiscal year or two of the last three. NASDAQ notified Wegener last year that it’s stock had been trading below the $1 per share minimum for more than 30 days. The company received several extensions on the share price floor, but the compliance deadline is Dec. 7.

“Because the company will not be in compliance... on Dec. 7, 2009, the NASDAQ staff will then provide written notification that our securities will be delisted,” Wegener said. It intends to appeal and to present a plan for compliance. An audit is currently in progress on its fiscal 2009 annual report, as per NASDAQ rules.

Wegener also received an extension on a $250,000 promissory note due to the David E. Chymiak Trust, originally due Nov. 30. It’s now due May 31, 2010.

More on Wegener:

December 1, 2009:Wegener Nets $534,000 Order

November 30, 2009: Wegener Swings to $2.6 Million Loss for FY2009

October 14, 2009Wegener Lands $4 Million in Financing
 
September 17, 2009: “Sencore Deal to Buy Wegener Cancelled
 
July 21, 2009: “Sencore Aims to take Wegener in $6 Million Deal
 
July 14, 2009: “Wegener’s Fiscal 3Q Revenues Down 34 Percent

April 14, 2009: “Wegener Breaks Even in Fiscal 2Q09


Comments
Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found




Thursday 10:05 AM
NAB Requests Expedited Review of Spectrum Auction Lawsuit
“Broadcasters assigned to new channels following the auction could be forced to accept reductions in their coverage area and population served, with no practical remedy.” ~NAB


 
Featured Articles
News Technology
News Technology
Discover TV Technology