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| LPTH > SEC Filings for LPTH > Form 8-K/A on 4-Sep-2009 | All Recent SEC Filings |
4-Sep-2009
Notice of Delisting or Failure to Satisfy a Continued Listing Rule o
On May 20, 2009, LightPath Technologies, Inc. ("LightPath" or the "Company") received a notification from The NASDAQ Listing Qualifications of The NASDAQ Stock Market, LLC that the Company did not comply with Marketplace Rule 4310(c)(3), which requires the Company to have a minimum of $2,500,000 in stockholders' equity or $35,000,000 market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.
Subsequently, two events have occurred which the Company believes has enabled the Company to regain compliance with the stockholders' equity requirement. First, on July 27, 2009, the Company received a payment from its D&O insurance carrier of $182,687 to reimburse the Company for legal fees relating to a lawsuit which has previously been dismissed from federal court.
Secondly, on August 19, 2009, LightPath executed a Securities Purchase Agreement with 33 institutional and private investors with respect to a private placement of an aggregate of 1,298,827 shares of the Company's Class A Common Stock, $0.01 par value (the "Common Stock"), and warrants to purchase 649,423 shares of Common Stock at $1.26 per share (the "Warrants"). The warrants are priced at $1.73 per shares and are exercisable for a period of five years beginning on February 19, 2010. The Company received aggregate gross cash proceeds from the issuance of the Common Stock (exclusive of proceeds from any future exercise of the Warrants) in the amount $1,636,500. The net proceeds for the private placement, and the corresponding increase to stockholders' equity, were $1,473,400.
As of the date of this filing, based upon the two events described above, the Company believes that it has regained compliance with the minimum stockholders' equity requirement. Nasdaq has informed the Company that it will continue to monitor the Company's ongoing compliance with the stockholders' equity requirement and, if at the time of its next periodic report the Company does not evidence compliance, that it may be subject to delisting.
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