Implant Sciences Corporation (Implant Sciences), a US based medical device company, has received notice from the staff of the corporate compliance department of the NYSE Regulation Inc. (NYSE) on behalf of NYSE Amex. Notice indicates NYSE determination to prohibit the continued listing of the company’s common stock on the Exchange and to initiate delisting proceedings. Implant Sciences has filed its notice to appeal this decision.
The Staff determined, as earlier disclosed, that the company was not in compliance with Sections 1003(a)(i), (ii), (iii) and (iv) of the Exchange’s company guide.
Pending the outcome of its appeal, the company will attempt to ensure that its common stock is quoted and eligible for trading on the Over-The-Counter Bulletin Board (the “OTCBB”), a regulated electronic quotation service offered by the Financial Industry Regulatory Authority, Inc. (FINRA), on or before the date on which trading is suspended by the Exchange, or as soon as practicable thereafter.