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.
1, 2009: “Wegener Nets $534,000 Order”
30, 2009: “Wegener Swings to $2.6
Million Loss for FY2009”
October 14, 2009“Wegener Lands $4
Million in Financing”
September 17, 2009: “Sencore Deal to Buy
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