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| BHRT.OB > SEC Filings for BHRT.OB > Form 8-K on 26-Feb-2009 | All Recent SEC Filings |
26-Feb-2009
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Tr
As previously disclosed, in Current Reports on Form 8-K filed by Bioheart, Inc.
(the "Company") on October 17, 2008 and November 20, 2008, the Company received
a letter from The NASDAQ Stock Market (the "NASDAQ Letter") advising that, the
Company's listed securities had been below the minimum $35 million requirement
for continued inclusion on The NASDAQ Capital Market pursuant to NASDAQ
Marketplace Rule 4310(c)(3)(B) (the "Market Value of Listed Securities
Requirement"). Furthermore, the NASDAQ Letter stated that the Company does not
comply with NASDAQ Marketplace Rule 4310(c)(3)(A) or 4310(c)(3)(C), which
requires the Company to have either minimum stockholders' equity of $2.5 million
or net income from continuing operations of $500,000 in the most recently
completed fiscal year or in two of the last three most recently completed fiscal
years.
The Company was permitted until November 14, 2008 (the "Compliance Period"), to
regain compliance with the Market Value of Listed Securities Requirement. On
November 17, 2008, the Company received a NASDAQ Staff Determination indicating
that the Company had failed to regain compliance with the Market Value of Listed
Securities Requirement, and that the Company's securities were, therefore,
subject to delisting from The NASDAQ Capital Market.
The Company appealed the Staff Determination and requested a hearing before a
NASDAQ Listing Qualifications Panel (the "Panel") to review the Staff
Determination. This stayed the delisting of the Company's securities pending the
Panel's decision.
On February 25, 2009, the Company received written notification from The NASDAQ
Stock Market of its determination to discontinue the Company's NASDAQ listing
effective as of the open of business on Friday, February 27, 2009. The Company
issued a press release on February 26, 2009 with regard to the delisting. A copy
of the Company's press release is furnished as Exhibit 99.1 to this Current
Report on Form 8-K.
The Company is in the process of engaging a market maker for its common stock
and causing the required application to be filed for quotation of the Company's
common stock on the Over-The-Counter Bulletin Board.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release of Bioheart, Inc. dated February 26, 2009.
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