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Quotes & Info
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| TORM > SEC Filings for TORM > Form 8-K on 18-Sep-2009 | All Recent SEC Filings |
18-Sep-2009
Notice of Delisting or Failure to Satisfy a Continued Listing Rule
On September 18, 2009, TOR Minerals International, Inc. (the "Company") announced receipt of a Staff Deficiency Letter on September 15, 2009 from Nasdaq indicating that the Company fails to comply with the "Minimum Bid Price" requirement for continued listing set forth in Listing Rule 5550(a)(2) (the "Rule").
The Rule requires listed securities to maintain a minimum bid price of $1.00 per share. Based upon the closing bid price for the last 30 consecutive business days through September 14, 2009, the Company no longer meets this requirement. Consequently, a deficiency exists with regard to the Rule. However, the Rules also provide the Company with a grace period of 180 calendar days, or until March 15, 2010, in which to regain compliance.
If at anytime during this grace period the bid price of the Company's security closes at $1.00 per share or more for a minimum of ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance and this matter will be closed.
In the event the Company does not regain compliance with the Rule prior to the expiration of the grace period on March 15, 2010, it will receive written notification that its securities are subject to delisting. At that time, the Company may appeal the delisting determination to a hearing's panel. Alternatively, the Company may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price, for The Nasdaq Capital Market. If it meets the initial listing criteria, Nasdaq will notify the Company that it has been granted an additional 180 calendar day compliance period.
A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
(a) Financial Statements of Businesses Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Shell Company transaction
Not applicable
(d) Exhibits.
The following exhibit is furnished in accordance with the provisions of
Item 601 of Regulation S-B:
Exhibit Description
Number
99.1 Press Release, dated September 18, 2009, announcing the
Company's receipt of Nasdaq Staff Deficiency Letter related to
Minimum Bid Price
SIGNATURES
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Date: September 18, 2009 /s/ BARBARA RUSSELL Barbara Russell Acting Chief Financial Officer
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