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TTTM > SEC Filings for TTTM > Form 8-K on 6-Jun-2012All Recent SEC Filings

Show all filings for T3 MOTION, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for T3 MOTION, INC.


6-Jun-2012

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; T


Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On June 1, 2012, T3 Motion, Inc., a Delaware corporation (the "Company"), received notice from the NYSE MKT LLC ("NYSE MKT") indicating that the Company is not in compliance with certain of the NYSE MKT continued listing standards. Specifically, the NYSE MKT has notified the Company that it is not in compliance with Section 1003(a)(iv) of the NYSE MKT Company Guide in that it has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the NYSE MKT, as to whether the Company will be able to continue operations and/or meet its obligations as they mature.

In order for the Company to maintain its NYSE MKT listing, the Company must submit a plan on or before July 2, 2012, advising the NYSE MKT of the actions it has taken, or will take, that will bring the Company into compliance with
Section 1003(a)(iv) by November 20, 2012. The plan shall include specific milestones, quarterly financial projections, and details related to any strategic initiatives the Company plans to complete.

The Company has informed the NYSE MKT that it intends to submit such a plan. If the Company fails to submit such a plan or if the plan is not accepted, the NYSE MKT may initiate delisting proceedings. If the NYSE MKT accepts the Company's plan, the Company may be able to continue its listing for the period ending November 20, 2012 during which time the Company will be subject to periodic reviews to determine if it is making progress consistent with the plan. If the Company does not regain compliance with Section 1003(a)(iv) by November 20, 2012, then the NYSE MKT may initiate delisting procedures. There can be no assurance that such plan will be acceptable to the NYSE MKT or that if such plan is acceptable to the NYSE MKT, that the Company will be able to make progress consistent with such plan. The Company has the option to appeal a staff determination to initiate delisting proceedings in accordance with Section 1010 and Part 12 of the NYSE MKT Company Guide.

On June 6, 2012, the Company issued a press release announcing its receipt from the NYSE MKT of notice of the Company's failure to satisfy a continued listing standard. A copy of the press release is attached hereto as Exhibit 99.1.

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