ASDAQ provides an automatic 180 day grace period, through March 15, 2010, to regain compliance with the Bid Price Rule by maintaining a closing bid price of us$ 1 per share for a minimum of ten consecutive business days.
At that time, if the company has not regained compliance, it may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price, for The NASDAQ Capital Market, or it may appeal to the NASDAQ Listing Qualifications panel, or it may file a plan to regain compliance.
Mark Roberson, PokerTek’s Acting Chief Executive Officer and Chief Financial Officer, commented, “Over the past four consecutive business days since receiving this notice, our share price has exceeded the us$ 1.00 requirement. We are required by NASDAQ regulations to compile a minimum of ten consecutive business days above us$ 1.00 to regain compliance. We cannot predict our stock price performance and will continue to monitor our compliance with the minimum closing bid requirements during our grace period.”
Roberson continued, “We have announced several actions over the past several months to strengthen our balance sheet and improve PokerTek’s finances, including: we renewed our credit facility in July; we announced an investment from ICP Electronics in August; we closed a private placement transaction in September; we converted us$ 1.2 million of long term debt to common equity as announced last week; and we have taken actions to reduce our expenses as we seek new market opportunities to drive growth as discussed in our last earnings call.”