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JOB > SEC Filings for JOB > Form 8-K on 19-Mar-2014All Recent SEC Filings

Show all filings for GENERAL EMPLOYMENT ENTERPRISES INC

Form 8-K for GENERAL EMPLOYMENT ENTERPRISES INC


19-Mar-2014

Notice of Delisting or Failure to Satisfy a Continued Listing


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

General Employment Enterprises, Inc. (the "Company") (NYSE MKT: JOB) previously announced that on June 6, 2013, the Company received a letter (the "Letter") from NYSE MKT, LLC (the "NYSE MKT") which stated, among other things, that the Company has equity less than $4 million and has sustained losses from continuing operations and/or net losses in three of its four most recent fiscal years and, in the opinion of NYSE MKT, it is questionable as to whether the Company will be able to continue operations and/or meet its obligations as they mature based on its current overall financial condition, pursuant to Sections 1003(a)(ii) and 1003(a)(iv) of the NYSE MKT's Company Guide, respectively.
General Employment's plan of compliance detailing actions which it had to take to regain compliance with stated listing requirements (the "Impairment Plan") was initially accepted by the Exchange on August 27, 2013, granting the Company until October 7, 2013 (the "Impairment Plan Period") to regain compliance with 1003(a)(iv). On October 29, 2013, the NYSE MKT granted the Company an extension of the Impairment Plan Period until February 21, 2014. Based on a review of information provided by the Company through March 12, 2014, the Exchange then granted General Employment an extension to the end of March. The targeted completion date is now March 31, 2014 to improve the overall financial condition and comply with 1003(a)(iv) and until June 6, 2014 to increase the equity to a minimum of $4 million and comply with 1003(a)(ii).
The Company will be subject to periodic review by NYSE MKT staff during the extension period and issuance of any additional shares will require approval by NYSE MKT's senior management of the NYSE MKT LLC. 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 Company being delisted from the NYSE MKT LLC.

On March 19, 2014, a press release announcing the NYSE MKT's acceptance of the plan was issued. A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K.



Item 9.01 Financial Statements and Exhibits.

Exhibit No.   Description
   99.1       Press release issued by General Employment Enterprises, Inc. dated
              March 19, 2014.


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