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MNGA > SEC Filings for MNGA > Form 8-K on 18-Jul-2013All Recent SEC Filings

Show all filings for MAGNEGAS CORP



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

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

On July 15, 2013, MagneGas Corporation (the "Company") received notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company's common stock, par value $0.001 per share (the "Common Stock") was subject to potential delisting from the Nasdaq because for a period of thirty (30) consecutive business days, the bid price of the Company's Common Stock had closed below the minimum $1.00 per share requirement for continued inclusion under Nasdaq Marketplace Rule 5550(a)(2) (the "Bid Price Rule"). The notification has no immediate effect on the listing or trading of the Common Stock on the Nasdaq.

The Nasdaq stated in its letter that in accordance with the Nasdaq Listing Rules the Company has been provided an initial period of 180 calendar days, or until January 13, 2014, to regain compliance. The letter states that the Nasdaq Staff will provide written notification that the Company has achieved compliance with the minimum bid price listing requirement if at any time before January 13, 2014, the bid price of the Company's Common Stock closes at $1.00 per share or more for a minimum of ten consecutive business days.

If the Company is unable to regain compliance by January 13, 2014, the Company may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the bid price requirement. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares set forth in Market Place Rule 5550(a) and all other initial listing standards for the Nasdaq Capital Market set forth in Marketplace Rule 5505, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180 day period, then Nasdaq will notify the Company of its determination to delist the Company's Common Stock, at which point the Company would have an opportunity to appeal the delisting determination to a Hearings Panel.

The Company intends to monitor the closing bid price of its Common Stock and may, if appropriate, consider implementing available options to regain compliance with minimum bid price requirement under the Nasdaq Listing Rules.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Letter from Listing Qualifications Department of The Nasdaq Stock Market, dated as of July 15, 2013.

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