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| NENG > SEC Filings for NENG > Form 8-K/A on 16-Jul-2009 | All Recent SEC Filings |
16-Jul-2009
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 the Company on October 27, 2008 (the "First Form 8-K/A"), December 30, 2008 (the "Second Form 8-K/A") and March 26, 2009 (the "Third 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.
In the Second Form 8-K/A, the Company disclosed that it had been notified by NASDAQ that NASDAQ had further suspended the enforcement of the minimum closing bid price rule. The minimum closing bid price rule was set to be reinstated on Monday, April 20, 2009.
In the Third Form 8-K/A, the Company disclosed that it had been notified by NASDAQ that NASDAQ had further suspended the enforcement of the minimum closing bid price rule. The minimum closing bid price rule was set to be reinstated on Monday, July 20, 2009.
On July 13, 2009, the Company was notified by NASDAQ that NASDAQ had further suspended the enforcement of the minimum closing bid price rule for an additional two weeks. The minimum closing bid price rule is now scheduled to be reinstated on Monday, August 3, 2009. When the minimum closing bid price rule is reinstated, the Company will have until January 13, 2010 to regain compliance. NASDAQ stated that it does not expect any further extensions of the suspension of the minimum bid price requirement.
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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