HearUSA Announces Notice From NYSE Amex
May 19 2011 - 4:32PM
Business Wire
HearUSA, Inc. (NYSE Amex: EAR), a leader among the nation’s
hearing care providers, announced that on May 17, 2011 the Company
received a written notice from NYSE Amex LLC indicating that the
Company no longer complies with the Exchange’s continued listing
standards as a result of the Company’s filing of a voluntary
petition under Chapter 11 of the US Bankruptcy Code and that its
securities are therefore subject to being delisted from the
Exchange. The Exchange stated its intention to file a delisting
application with the Securities and Exchange Commission and to
truncate the procedures regarding continued listing evaluation and
follow-up as specified in the rules of the Exchange. The Exchange
notice states that the Staff of the Exchange intends to initiate
immediate delisting proceedings.
In particular, the written notice from the Exchange stated that
(i) as a result of the Chapter 11 filing, the Staff has determined
that the Company is financially impaired and, as such, is not in
compliance with Section 1003(a)(iv) of the NYSE Amex Company Guide;
and (ii) the Company is not in compliance with Section 134 and
Section 1101 of the Company Guide because the Company failed to
timely file its Quarterly Report on Form 10-Q for the fiscal
quarter ended March 26, 2011. The Company’s first fiscal quarter
actually ended on April 2, 2011 and the Company was not delinquent
in filing its Form 10-Q at the time of the notice from the
Exchange.
The Company does not intend to appeal the Exchange’s
determination to delist the Company’s common stock. After the
Company’s common stock is delisted, the Company cannot predict
whether any trading market, including any over-the-counter trading
market, for the Company’s common stock will develop or be
sustained.
About HearUSA
HearUSA is the recognized leader in hearing care for the
nation's top managed care organizations through its 134
company-owned centers and network of more than 1,800 hearing care
providers. HearUSA is the nation's only hearing care provider
accredited by URAC, an independent, nonprofit health care
accrediting organization dedicated to promoting health care quality
through accreditation, certification and commendation. HearUSA is
also the administrator of the AARP Hearing Care program, designed
to help millions of Americans aged 50+ who have untreated hearing
loss. For more information about HearUSA visit www.hearusa.com. For
more information about the bankruptcy proceedings, visit
www.hearusa-bkc.com.
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