Converted Organics Regains Compliance With Nasdaq Stockholder Equity Listing Rule
December 13 2010 - 9:00AM
Company Raises Stockholder Equity Above Required
Minimum Prior to Grace Period Deadline
Expects to Receive Extension on Nasdaq Minimum
Bid Requirement
Converted Organics Inc. (Nasdaq:COIN) was notified that the Company
has regained compliance regarding the minimum $2.5 million
stockholders' equity requirement, as determined by Nasdaq Listing
Rule 5550(b)(1), and required for continued stock listing. The
Company was informed by letter that the Nasdaq Staff determined
that Converted Organics meets the minimum stockholders' equity
requirements as set forth in the Listing Rules. The letter also
states that the Company must evidence continued compliance with
Listing Rule 5550(b)(1) upon filing its next periodic report;
otherwise, it may be subject to delisting.
In addition, because the Company was successful in increasing
stockholder equity in excess of the Listing Rules' $5 million
Nasdaq Capital Market initial listing requirement, the Company
believes that Nasdaq will grant an additional 180 day grace period
for the Company to raise its closing bid price of its common stock
to $1.00 per share or greater for 10 consecutive business days. On
June 29, 2010, the Company received notification that its stock
price had fallen below the $1.00 minimum bid price for 30
consecutive business days and it was therefore not in compliance
with Listing Rule 5550(a)(2). Nasdaq granted the Company a 180
day grace period to regain compliance with the Listing
Rule. The initial 180 day grace period expires on December 27,
2010, and the Company believes that at such time a second 180 day
grace period may be granted by Nasdaq.
"We are pleased to have regained positive standing under
Nasdaq's stockholder equity Listing Rule, and feel that efforts to
re-gain favorable standing are evidenced by our increased
stockholders' equity," said Edward J. Gildea, President of
Converted Organics. "We hope to receive notification from Nasdaq
later this month, that we have been granted a second 180 day grace
period to raise our stock price above the $1.00 minimum bid
requirement, and upon such notice we will continue to work
diligently to regain 100% compliance with Nasdaq's Listing
Rules."
About Converted Organics Inc.
Converted Organics (Nasdaq:COIN)
(www.convertedorganics.com), based in Boston, MA, is
dedicated to producing high-quality, all-natural, organic soil
amendment and fertilizer products through food waste recycling. The
Company uses its proprietary High Temperature Liquid Composting
(HTLC) system, a proven, state-of-the-art microbial digestion
technology, to process various biodegradable food wastes into dry
pellet and liquid concentrate organic fertilizers that help grow
healthier food and improve environmental quality. Converted
Organics sells and distributes its environmentally-friendly
fertilizer products in the retail, professional turf management,
and agribusiness markets.
The Converted Organics Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7431
This press release contains forward-looking statements that are
subject to risks and uncertainties. Forward-looking statements in
this release include, without limitation, the granting of a second
180-day grace period by Nasdaq in connection with the Company's
bid-price deficiency. These forward-looking statements include
information about possible or assumed future results of our
business, financial condition, liquidity, results of operations,
plans and objectives. In some cases, you may identify
forward-looking statements by words such as "may," "should,"
"plan," "intend," "potential," "continue," "believe," "expect,"
"predict," "anticipate" and "estimate," the negative of these words
or other comparable words. These statements are only predictions.
One should not place undue reliance on these forward-looking
statements. The forward-looking statements are qualified by their
terms and/or important factors, many of which are outside the
Company's control, involve a number of risks, uncertainties and
other factors that could cause actual results and events to differ
materially from the statements made. The forward-looking statements
are based on the Company's beliefs, assumptions and expectations of
our future performance, taking into account information currently
available to the Company. These beliefs, assumptions and
expectations can change as a result of many possible events or
factors, including those events and factors, not all of which are
known to the company, described most recently in the "Risk Factors"
section in the Company's most recently filed annual report on Form
10-K. Neither the Company nor any other person assumes
responsibility for the accuracy or completeness of these
statements. The Company will update the information in this press
release only to the extent required under applicable securities
laws. If a change occurs, the company's business, financial
condition, liquidity and results of operations may vary materially
from those expressed in the aforementioned forward-looking
statements.
COIN-G
CONTACT: PR Financial Marketing
Jim Blackman
713-256-0369
jim@prfmonline.com
Converted Organics Inc.
Public Relations Contact:
(617)624-0111
info@convertedorganics.com
Coinbase Global (NASDAQ:COIN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Coinbase Global (NASDAQ:COIN)
Historical Stock Chart
From Jul 2023 to Jul 2024