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| OTIX > SEC Filings for OTIX > Form 8-K on 13-Oct-2009 | All Recent SEC Filings |
13-Oct-2009
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
On October 6, 2009, Otix Global, Inc. ("Otix") received a letter from The Nasdaq Stock Market ("Nasdaq") notifying Otix that for the last 30 consecutive business days the bid price of Otix's common stock has closed below the minimum $1.00 per share requirement for continued inclusion under Listing Rule 5450(a)(1). The letter stated that Nasdaq will provide Otix a grace period of 180 calendar days, or until April 5, 2010, to regain compliance. To regain compliance, any time before April 5, 2010, the bid price of Otix's common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days. If Otix does not regain compliance with Rule 5450(a)(1) by April 5, 2010, Otix will be eligible for an additional 180 calendar day compliance period if it meets The Nasdaq Capital Market initial listing criteria except for the bid price requirement. To avail itself of this alternative, Otix would need to submit an application to transfer its securities to The Nasdaq Capital Market. If Otix is not eligible for an additional compliance period, Nasdaq will provide it with written notification that its common stock will be delisted. At that time, Otix may appeal Nasdaq's determination to delist its common stock to the Listings Qualifications Panel.
(d) Exhibits.
99.1 Press Release dated October 12, 2009.
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