Cycle Country Accessories Corp. (AMEX: ATC) has announced that NYSE Amex LLC (“Exchange”) has accepted Cycle Country’s previously submitted plan of compliance and, pursuant to such plan, has granted Cycle Country an extension until April 14, 2010 to regain compliance with its continued listing standards in order to maintain its listing on the Exchange. The letter further acknowledges that through Cycle Country’s recently announced addition of a new member to its Board of Directors and Audit Committee, Cycle Country has regained compliance with Sections 801(h), 802(d), and 803(2)(c) of the Exchange’s Company Guide.
As previously disclosed, on January 14, 2010, Cycle Country received a letter from the Exchange notifying it that it is not in compliance with some of the Exchange’s continued listing standards. Specifically, the Exchange letter stated that Cycle Country’s failure to file its Form 10-K for the year ended September 30, 2009, as required by Sections 134 and 1101 of the Exchange’s Company Guide is a violation of the Exchange’s continued listing standards and is a material violation of Cycle Country’s listing agreement with the Exchange, for which the Exchange is authorized to suspend and remove Cycle Country’s securities from the Exchange, unless Cycle Country takes prompt corrective action. Also as previously disclosed, Cycle Country received an additional letter dated February 17, 2010 from the Exchange notifying it that it had not filed its Form 10-Q for the quarter ending December 31, 2009, which also constitutes a material violation of its listing agreement with the Exchange and the Exchange’s continued listing standards.
On January 28, 2010, Cycle Country submitted its plan of compliance to the Exchange. On March 1, 2010, Cycle Country received a letter from the Exchange stating that the Exchange had completed its review of Cycle Country's plan and granted Cycle Country an extension until April 14, 2010 to regain compliance with the Exchange’s continued listing standards for the Form 10-K and Form 10-Q that were not timely filed.