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ULGX > SEC Filings for ULGX > Form 8-K on 18-Apr-2013All Recent SEC Filings

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Form 8-K for UROLOGIX INC


18-Apr-2013

Other Events


ITEM 8.01 OTHER EVENTS

As previously reported, Urologix, Inc. (the "Company") requested a hearing before a NASDAQ Listing Qualifications Panel (the "Panel") at which it petitioned for continued listing of its common stock pending its return to compliance with all applicable listing requirements. The Company's stock was subject to delisting due to the Company's failure to comply with the $1.00 minimum bid price requirement of Rule 5550(a)(2). Further, the Company anticipates non-compliance with the requirement of Rule 5550(b)(1) to maintain at least $2.5 million in shareholders' equity with the earnings release for the quarter ended March 31, 2013. The Panel hearing was held on March 28, 2013 and both the minimum bid price and shareholders' equity requirements were at issue.

On April 16, 2013, the Company received a notification that the Panel granted the Company's request for continued listing on The NASDAQ Stock Market, subject to the following conditions:

1. On or before June 17, 2013, the Company shall have evidenced a closing bid price of $1.00 or more for a minimum of ten prior consecutive trading days.

2. On July 30, 2013, the Company shall provide the Panel with a written update regarding the status of efforts to comply with the minimum shareholders' equity requirement, along with an updated timeline for compliance.

3. On or before September 30, 2013, the Company shall evidence shareholders' equity above $2.5 million, and satisfy the Panel of its ability to evidence compliance in each of its quarterly reports and annual to be filed through September 30, 2014.

If the Company fails to timely comply with the minimum bid price requirement, it will result in a final delisting determination and the Company's common stock will thereafter be delisted from The NASDAQ Stock Market. Further, if the Company is unable to comply with all of the other requirements for continued listing on The NASDAQ Stock Market, its common stock may be delisted.

There can be no assurance that the Company will timely satisfy each condition imposed by the Panel or that the Company's common stock will remain listed on The Nasdaq Capital Market.

On April 17, 2013, the Company issued a press release relating to the Panel's decision, which is furnished herewith as Exhibit 99.1.

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