JMAR delisted from NASDAQ; will soon be quoted on OTC BB
Down but not out: JMAR has been delisted from NASDAQ, having failed to satisfy the $1 bid price requirement and the $2.5 million shareholders’ equity requirementbut; it will soon be quoted on the OTC Bulletin Boardw; company says move alleviated the need to pursue a reverse stock split
We have reported about three companies with products for the homeland security market — TVI, SafeNet, and JMAR — which have recently ran into probpems with NASDAQ or NYSE. San Diego, California-based JMAR Technologies (NASDAQ: JMAR), a developer of laser-based technology and x-ray processes for imaging and analysis at the nanoscale (we like its water purity solution, BioSentry), said it had received a notification from NASDAQ following the company’s appeal to a NASDAQ Listing Qualifications Panel on 14 December 2006. Then panel’s notification said that the common stock of the company would be delisted from the NASDAQ Capital Market effective with the open of business on Tuesday, 26 December 2006. NASDAQ stated that the panel’s determination was based on JMAR’s previously announced failure to satisfy the $1 bid price requirement and the $2.5 million shareholders’ equity requirement.
The company now says that commencing with the open of trading on 26 December 2006, the company’s common stock will initially be quoted on the Pink Sheets, but that it expected that its shares will soon be quoted on the OTC Bulletin Board following the approval by the NASD of an application by one or more market makers to continue quoting in the company’s common stock. The company says that at least one market maker has already prepared such an application with the goal of commencing quotations immediately on the OTC Bulletin Board.
CEO and president Neil Beer noted that the delisting from the NASDAQ Capital Market would alleviate the need to pursue a reverse stock split, as previously planned to satisfy the minimum share price requirement.
-read more in this Financial Times report (sub. req.)
