Ivivi Technologies, Inc. (Ivivi), a wound care management company, has received a deficiency notice from The Nasdaq Stock Market (Nasdaq) on February 26, 2009. Nasdaq had determined that the company is not in compliance with the minimum $2.5 million stockholders' equity, $35 million market capitalization or $500,000 net income requirements for continued listing on The Nasdaq set forth in Marketplace Rule 4310(c)(3).
The Nasdaq staff has requested that the company provide it with a specific plan to achieve and sustain compliance with all the Nasdaq Capital Market listing requirements, including the time frame for completion of the plan. Pursuant to Nasdaq Marketplace Rule 4803, the company is required to provide the staff with its plan within 105 days of the date of the deficiency notice. The company plans to submit its plan to the staff within the requisite 105-day period. If after the conclusion of its review process, the staff determines that the company’s plan does not adequately address the issues noted, the staff will provide written notification that the company’s securities will be delisted from The Nasdaq Capital Market. At that time, the company may appeal the staff’s decision to a Nasdaq Listing Qualification Panel.
Under the Nasdaq Marketplace Rules, the company’s common stock will continue to be listed on The Nasdaq Capital Market, subject to the company’s compliance with other continued listing requirements. Although the company plans to cure its deficiency and return to compliance with the continued listing requirements of the Nasdaq Marketplace Rules, there can be no assurance that it will be able to do so.