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TIK > SEC Filings for TIK > Form 8-K on 26-Feb-2014All Recent SEC Filings




Notice of Delisting or Failure to Satisfy a Continued Listing Rul

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

On February 26, 2014 Tel Instrument Electronics Corp. ("Tel" or "Company") announced that it continues to be listed on the NYSE MKT ("Exchange") pursuant to an extension.

The Company was previously issued a letter indicating that the Company was below certain of the Exchange's continued listing standards. Specifically, the Company was not in compliance with Section 1000(a)(i) 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 Exchange, as to whether such issuer will be able to continue operations and/or meet its obligations as they mature.

The Company submitted a plan to the Exchange, and based on the information provided by the Company on February 20, 2014, the Exchange notified the Company that it accepted the Company's plan of compliance and granted the Company an extension until July 10, 2014.

The Company had previously received a letter from the Staff of the NYSE MKT ("Exchange") that, based on the Tel's financial statements at March 31, 2013, Tel was no longer in compliance with the minimum stockholders' equity requirement of $4.0 million, and had also reported net losses in three of its last four fiscal years, as set forth in Section 1003(a)(ii) of the NYSE MKT Company Guide.

The Company was afforded the opportunity to submit a plan of compliance to the Exchange and based on information provided by the Company, the Exchange notified the Company that it accepted the Company's plan of compliance and granted an extension until November 7, 2014.

The Company will be subject to periodic review by the Exchange Staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Exchange Staff initiating delisting proceedings.

A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.     Description

99.1*            Press release dated February 26, 2014, "Tel-Instrument

Electronics Corp Announces Acceptance of Plan by NYSE MKT".

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