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PARD > SEC Filings for PARD > Form 8-K on 25-Jul-2011All Recent SEC Filings




Notice of Delisting or Failure to Satisfy a Continued Listing Rule

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

On July 19, 2011, the Company received a letter from the Nasdaq Listing Qualifications Staff (the "Staff") advising that the Company has not regained compliance with the $1.00 per share minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2) and, unless the Company requests an appeal of this determination by July 26, 2011, the Company's common stock will be delisted from The Nasdaq Capital Market on July 28, 2011. The Company intends to submit a hearing request on or before July 26, 2011 to the Nasdaq Hearings Panel (the "Panel"), which request will stay the delisting of the Company's common stock pending the Panel's decision.

At the Panel hearing, the Company will be required to present a plan to regain compliance with the minimum bid price requirement. The Panel will rule on whether to grant conditional listing for up to 180 days following the Staff determination in order for the Company to complete such plan. There can be no assurance that the Company's appeal with be successful or on the timeline presented or that the Company's plan of compliance, if accepted by Nasdaq, will be successfully implemented.

Item 5.07. Submission of Matters to a Vote of Security Holders.

At the reconvened 2011 Annual Meeting of Shareholders held on July 22, 2011, the Company's shareholders voted on a proposal to approve the amendment of the Company's Amended and Restated Articles of Incorporation to effect a reverse stock split of the Company's outstanding common stock at a ratio between 1-for-15 and 1-for-25, as determined by the Company's board of directors. The affirmative vote of a majority of the Company's shares outstanding and entitled to vote was required to approve the proposal. An insufficient number of votes were received to approve the proposal, as reflected by the following voting results:

For Against Abstain 29,073,294 2,375,838 291,527

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