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| NENG > SEC Filings for NENG > Form 8-K/A on 30-Dec-2008 | All Recent SEC Filings |
30-Dec-2008
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Stand
This Current Report on Form 8-K/A amends Item 3.01 of the Current Report on Form 8-K filed by Network Engines, Inc. (the "Company") on September 30, 2008 (the "Initial Form 8-K"), as previously amended by Form 8-K/A filed by the Company on October 27, 2008 (the "First Form 8-K/A").
In the Initial Form 8-K, the Company disclosed that it had been notified by the NASDAQ Stock Market LLC ("NASDAQ") that the bid price of the Company's common stock had closed below the minimum $1.00 per share price for 30 consecutive trading days, and that it would be provided 180 days, or until March 30, 2009, to regain compliance with the minimum bid price requirement.
In the First Form 8-K/A, the Company disclosed that it had been notified by NASDAQ that NASDAQ had suspended, for a period of three months, the enforcement of the rule requiring a minimum $1.00 per share closing bid price for continued listing due to current conditions in the U.S. and world financial markets.
On December 23, 2008, the Company was notified by NASDAQ that NASDAQ had extended its suspension of enforcement of the rule requiring a minimum $1.00 per share closing bid price for continued listing due to the continued extraordinary market conditions in the U.S. and worldwide. The notification states that, as a result of this suspension, all companies presently in a bid price compliance period will remain at that same stage of the process and will not be subject to being delisted. The minimum closing bid price rule is now scheduled to be reinstated on Monday, April 20, 2009. Prior to the resumption of this rule, NASDAQ will inform the Company of the number of calendar days remaining in its compliance period and the specific date by which it needs to regain compliance.
The Company can regain compliance, either during the suspension or during the compliance period resuming after the suspension, by achieving a $1.00 per share closing bid price for a minimum of ten consecutive trading days.
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