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AMBT > SEC Filings for AMBT > Form 8-K on 24-Apr-2014All Recent SEC Filings

Show all filings for AMBIENT CORP /NY

Form 8-K for AMBIENT CORP /NY


24-Apr-2014

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


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

On April 17, 2014, Ambient Corporation (the "Company") received a letter ("Notice") from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") indicating that the Company no longer complies with the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires companies listed on the Nasdaq Capital Market to maintain stockholders' equity of at least $2.5 million. Since the Company's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission on April 14, 2014, reported stockholders' (deficit) of $(1,519,000) and, as of April 16, 2014, the Company does not meet the alternatives of market value of listed securities or net income from continuing operations, the Company no longer complies with the Nasdaq Listing Rules.

The Notice does not result in the immediate delisting of the Company's common stock from the Nasdaq Capital Market. Rather, under the Nasdaq Listing Rules, the registrant has 45 calendar days from the date of the Notice, or until June 2, 2014, to submit to Nasdaq a plan to regain compliance.

If a plan is submitted and accepted, the Company can be afforded up to 180 calendar days from the date of the Notice, or until October 14, 2014, to regain compliance. If a plan is submitted and not accepted, the Company may appeal to a Nasdaq Hearings Panel.

The Company is currently evaluating various alternative courses of action to regain compliance and intends to timely submit a plan to Nasdaq to regain compliance with the Nasdaq minimum stockholders equity standard. However, there can be no assurance that the Company's plan will be accepted or that if it is, the Company will be able to implement the plan and regain compliance or maintain the listing of its common stock on Nasdaq.


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