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| GRMH > SEC Filings for GRMH > Form 8-K on 23-Dec-2011 | All Recent SEC Filings |
23-Dec-2011
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or S
On December 21, 2011, Graymark Healthcare, Inc. (the "Company") received a letter from The NASDAQ Stock Market LLC ("NASDAQ") advising that for the previous 30 consecutive business days, the bid price of the Company's common stock (the "Common Stock") had closed below the minimum $1.00 per share requirement for continued inclusion on the NASDAQ Capital Market pursuant to NASDAQ Marketplace Rule 5550(a)(2). This notification has no effect on the listing of the Common Stock at this time.
NASDAQ stated in its letter that in accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the Company will be provided 180 calendar days, or until June 18, 2012, to regain compliance with the minimum bid price requirement. The NASDAQ letter also states that if, at any time before June 18, 2012, the bid price of the Common Stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the NASDAQ staff will provide the Company with written notification that it has achieved compliance with the minimum bid price requirement.
If the Company does not regain compliance with the minimum bid price requirement by June 18, 2012, the NASDAQ staff will provide the Company with written notification that the Common Stock will be delisted from the NASDAQ Capital Market. At that time, the Company may appeal the delisting determination to a NASDAQ Listings Qualifications Panel pursuant to applicable NASDAQ rules if the Common Stock satisfies all criteria, other than compliance with the minimum bid price requirement, for initial inclusion on such market. In such event, the NASDAQ Marketplace Rules provide that the Company will be afforded an additional 180 calendar days to comply with the minimum bid price requirement while listed on the NASDAQ Capital Market.
If the Company decides to implement a reverse stock split, the split must be complete no later than ten business days prior to August 3, 2011 in order to regain compliance.
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