Item 8.01 - Other Events.
As previously disclosed, on November 14, 2011, the Company received a notification letter from the Nasdaq Listing Qualifications Staff (the "Staff") indicating that the Company was not in compliance with Nasdaq Marketplace Rule 5550(a)(2) (the "Minimum Bid Price Requirement"), because the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for 30 consecutive business days. In accordance with Nasdaq Marketplace Rule 5810, the Company was provided an initial 180 calendar days, or until May 14, 2012, to regain compliance with the Minimum Bid Price Requirement. The Company has not yet regained compliance with the Minimum Bid Price Requirement. On May 17, 2012, the Company received written notice from the Staff that it had granted the Company's request for an additional 180 days in which to satisfy the Minimum Bid Price Requirement, which period will expire on November 12, 2012. The Staff's determination to grant the additional 180-day grace period was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.