Nasdaq Panel Grants American Learning Corporation’s Request for Continued Listing
November 04 2010 - 9:35AM
Business Wire
American Learning Corporation (the “Company”) (NASDAQ:ALRN)
today announced that a Nasdaq Listing Qualifications Panel (the
“Panel”) has granted the Company’s request for an extension of
time, as permitted under the Listing Rules of The Nasdaq Stock
Market (“Nasdaq”), to comply with the $1.00 per share minimum bid
price requirement for continued listing. In accordance with the
Panel’s decision, on or before February 28, 2011, the Company must
evidence a closing bid price of $1.00 or more for a minimum of ten
prior consecutive trading days. Under Nasdaq’s rules, this date
represents the maximum length of time that the Panel may grant to
regain compliance. While the Company is diligently taking steps to
comply with the Panel’s decision, there can be no assurances that
the Company will be able to do so.
On September 2, 2010, the Company had submitted an appeal of the
Nasdaq Staff determination to the Panel pursuant to the procedures
set forth in the Nasdaq Listing Rule 5800 Series. In response to
the Company’s request, the Nasdaq Office of General Counsel held a
hearing on October 7, 2010 at which time the Company was required
to demonstrate its ability to regain compliance with the minimum
bid price requirement.
American Learning Corporation, through its wholly owned
subsidiaries, Interactive Therapy Group Consultants, Inc. and
Signature Learning Resources, Inc., offers a comprehensive range of
services to children with developmental delays and
disabilities.
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