ISCO International, wireless telecommunications applications provider, gets non-compliance notice from Nyse Alternext US.
NYSE Alternext states that ISCO is currently not in compliance with certain of the Exchange’s continued listing standards. Weak points of ISCO (Company):-ISCO has stockholders’ equity of less than $2,000,000 and losses from continuing operations and net losses in two of its three most recent fiscal years (Section 1003(a)(i));
– Company has stockholders’ equity of less than $4,000,000 and losses from continuing operations and net losses in three of its four most recent fiscal years (Section 1003(a)(ii));
– Company has stockholders’ equity of less than $6,000,000 and losses from continuing operations and net losses in its five most recent fiscal years (Section 1003(a)(iii)); and
– Company has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue operations and meet its obligations as they mature (Section 1003(a)(iv)).
The Staff has also advised the Company of non-compliance with Section 1003(f)(v) of the Company Guide since the Company’s common stock has been trading at a low price per share for a significant period of time.
ISCO International was afforded the opportunity to submit a plan of compliance to the Exchange by 19 January 2009 that demonstrates the Company’s ability to regain compliance with Section 1003(a)(iv) of the Company Guide by 18 June 2009 and Sections 1003(a)(i)-(iii) of the Company Guide within a maximum of 18 months.
The Company informed the Exchange that it does not have available resources to bring the Company into compliance within the prescribed time periods, and accordingly does not anticipate that it will submit a plan. Because the Company does not intend to submit a plan of compliance, the Company will be subject to delisting procedures as set forth in Section 1010 and Part 12 of the Company Guide. The Company, therefore, expects that the Exchange will notify the Company of the involuntary delisting of its common stock.
L.D.