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Quotes & Info
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| FIGI > SEC Filings for FIGI > Form 8-K on 29-Sep-2009 | All Recent SEC Filings |
29-Sep-2009
Notice of Delisting or Failure to Satisfy a Continued Listing
On September 25, 2009, Fortress International Group, Inc. (the "Company") received a deficiency letter from The Nasdaq Stock Market LLC ("Nasdaq") indicating that for the last 30 consecutive business days the bid price of the Company's shares of common stock had closed below $1.00 per share, the minimum closing bid price required by the continued listing requirements of Nasdaq set forth in Nasdaq Marketplace Rule 5550(a)(2) (the "Rule").
In accordance with Marketplace Rule 5810(c)(3)(A), the Company has been given a grace period of 180 calendar days, or until March 24, 2010, to regain compliance with the Rule. To regain compliance, the closing bid price of the Company's shares of common stock must meet or exceed $1.00 per share for at least ten consecutive business days. If the Company does not regain compliance with the Rule by March 24, 2010, Nasdaq will provide written notification to the Company indicating that its shares of common stock may be delisted from Nasdaq. At that time, the Company may appeal Nasdaq's delisting determination to a hearing's panel. Alternatively, the Company may be eligible for an additional grace period of 180 calendar days if it meets the initial listing standards, with the exception of bid price, for The Nasdaq Capital Market.
As previously disclosed, the Company has also been given an extension to regain compliance with Rule 5605(b)(1) of the Nasdaq Marketplace Rules that requires the Board of Directors of the Company to be comprised of a majority of independent directors.
On September 29, 2009, the Company issued a press release announcing its receipt of the Nasdaq's deficiency letter. A copy of the press release is being furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
(d) Exhibits:
The following exhibit is furnished herewith:
99.1 Press release, dated September 29, 2009
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