Nyer Medical Group, Inc., Nasdaq Notification Letter
September 21 2009 - 4:33PM
PR Newswire (US)
HOLLISTON, Mass., Sept. 21 /PRNewswire-FirstCall/ -- Nyer Medical
Group, Inc., (NASDAQ:NYER) announced today that it received a
letter from the Nasdaq Stock Market notifying it of its failure to
maintain a minimum closing bid price of $1.00 per share for its
shares of common stock for the prior 30 consecutive business days
as required by Nasdaq Listing Rule 5550(a)(2) (the "Bid Price
Rule"). The letter provides that the Company has until March 15,
2010, to regain compliance with the Bid Price Rule by maintaining a
closing bid price of $1.00 per share for a minimum of ten
consecutive business days. If the Company does not regain
compliance with the Bid Price Rule by March 15, 2010, the Nasdaq
Stock Market will determine whether the Company meets the Nasdaq
Capital Market initial listing criteria except for the Bid Price
Rule. If it meets the initial listing criteria, the Nasdaq Stock
Market will notify the Company that it has been granted an
additional 180 calendar day compliance period. If the Company is
not eligible for an additional compliance period, the Nasdaq Stock
Market will provide the Company with written notification that its
shares of common stock will be delisted. At that time, the Company
may appeal the determination to delist its shares of common stock
to a Nasdaq Hearings Panel. At this time, this notification has no
effect on the listing of the Company's common stock on The Nasdaq
Capital Market. About Nyer Medical Group Nyer Medical Group, Inc.,
is a holding company that through its pharmacy subsidiary operates
pharmacies and provides pharmacy management services to various
not-for-profit entities in the greater Boston area. Safe Harbor for
Forward-Looking Statements Certain statements contained in this
press release are forward looking in nature within the meaning of
the Private Securities Litigation Reform Act of 1995 and other
federal securities laws. These statements are generally identified
by the inclusion of phrases such as "we expect", "we anticipate",
"we believe", "we estimate" and other phrases of similar meaning.
For example, the statements regarding "possible delisting and
estimate" all involve forward-looking statements. These statements
involve known and unknown risks, uncertainties and other factors
that may cause the actual results to be materially different from
those contemplated in the forward-looking statements. Such factors
include, but are not limited to: Volatility in the stock market and
the limited volume of trading in our stock may or may not cause our
stock price to exceed the amount required by the Bid Price Rule,
and we must continue to comply with other listing standards that
are dependent on other factors besides stock price, some of which
are not within our control. Additional factors are described under
"Part I. Item 1. A. - Risk Factors" in our most recent Annual
Report on Form 10-K as filed with the Securities and Exchange
Commission. Except as required by law, Nyer Medical Group
undertakes no obligation to release publicly the result of any
revision to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. DATASOURCE: Nyer Medical
Group, Inc. CONTACT: Mark Dumouchel of Nyer Medical Group, Inc.,
+1-508-429-8506, ext. 16 Web Site: http://nyermedicalgroup.com/
Copyright