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ULGX > SEC Filings for ULGX > Form 8-K on 23-May-2013All Recent SEC Filings

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Form 8-K for UROLOGIX INC


23-May-2013

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


ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING.

On May 21, 2013, Urologix, Inc. (the "Company") received formal notice from The NASDAQ Stock Market LLC ("NASDAQ") indicating that, as of the quarter ended March 31, 2013, the Company did not satisfy the $2.5 million stockholders' equity requirement for continued listing on The NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(b). The Company reported stockholders' equity of $1,611,000 in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.

The Company anticipated its non-compliance with the minimum stockholders' equity requirement and addressed this matter, along with its non-compliance with the minimum bid price requirement, at the March 28, 2013 hearing before the NASDAQ Listing Qualifications Panel (the "Panel").

As previously reported, on April 16, 2013, the Panel granted the Company's request for continued listing on The NASDAQ Capital Market, subject to conditions. One of the conditions of continued listing on The NASDAQ Stock Market is that the Company must provide the Panel, on or before July 30, 2013, with a written update on its plan to comply with the minimum stockholders' equity requirement, along with an updated timeline for compliance. Additionally, on or before September 30, 2013, the Company must evidence stockholders' equity above $2.5 million, and satisfy the Panel of its ability to evidence compliance in each of its quarterly reports and annual report to be filed through September 30, 2014.

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.

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