Implant Sciences Corporation (Implant Sciences) has received notice from the NYSE Alternext US, LLC (NYSE) indicating that the exchange intends to begin measures to delist the company’s common stock. The company has appealed this determination and requested an oral hearing before the exchange’s listing qualifications panel. Pursuant to exchange rules, the delisting proceeding will be stayed pending the outcome of our appeal subject to the exchange’s ongoing review of our status.
As previously revealed, the staff earlier determined that the Implant Sciences’s was not in compliance with Sections 1003(a)(i), (ii), (iii) and (iv) of the exchange’s company guide. Apart from this, the exchange also notified the company that, pursuant to Section 1003(f)(v) of the company guide, the exchange staff believes that a reverse stock split is appropriate in view of the fact that the company’s common stock has been selling for a substantial period of time at a low price per share, and that the low selling price of the cmpany’s common stock over that period constituted an additional deficiency with respect to the Exchange’s continued listing requirements.
There is no guarantee that the Implant Sciences’s application will be successful. In the event that the company’s common stock is delisted by the exchange, the company considers that the stock will be entitled to trade or be quoted on alternative markets.
Implant Sciences is a US-based company located in Massachusetts.