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FNET > SEC Filings for FNET > Form 8-K on 17-Sep-2009All Recent SEC Filings

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Form 8-K for FORTUNET, INC.


17-Sep-2009

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Tr


Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

(a) On September 15, 2009, Fortunet, Inc. (the "Company") received notice from The Nasdaq Stock Market that the Company's common stock has not maintained a minimum market value of publicly held shares of $5,000,000 for the last 30 consecutive trading days, as required for continued inclusion on The Nasdaq Global Market in accordance with Listing Rule 5450(b)(1)(C). The Company has been provided 90 calendar days, or until December 14, 2009, to regain compliance. If the Company does not meet the minimum $5,000,000 market value test for a minimum of 10 consecutive trading days before December 14, 2009, the Company will receive notice of delisting from The Nasdaq Stock Market, which notice may be appealed at that time. Further, the Company may transfer its securities listing to The Nasdaq Capital Market, provided it meets the continued inclusion requirements for that market. The Company intends to actively monitor the bid price for its Common Stock between now and December 14, 2009. If the Company does not regain compliance with Listing Rule 5450(b)(1)(C) by December 14, 2009, the Company will consider transferring its securities listing to The Nasdaq Capital Market at that time.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.   Document

   99.1       Press release, dated September 16, 2009, announcing receipt of
              Nasdaq letter regarding market value of publicly held shares.


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