SANTA CLARA, Calif., April 12 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology announced today that on April 9, 2010 it received a letter from the NASDAQ Stock Market notifying the Company that the NASDAQ Hearings Panel has determined to grant the request of the Company to remain listed on The NASDAQ Stock Market, subject to the conditions described below.
1. The Company shall inform the Hearings Panel that it has held its annual stockholders' meeting and obtained approval for the proposed reverse stock split on or about the time of the meeting date; and
2. On or before June 1, 2010, the Company must have evidenced a closing bid price of $1.00 or more for a minimum of ten prior consecutive trading days.
Additionally, the Company will apprise NASDAQ of any material changes to the compliance plan it presented to the Hearings Panel on March 11, 2010."We are very pleased that the Hearings Panel has granted our request to remain listed on the NASDAQ Stock Market," said Magnus Ryde, Chief Executive Officer. "I strongly encourage all DayStar stockholders to immediately vote their shares for the April 23, 2010 Annual Meeting. At the Annual Meeting we are requesting, among other matters, your support of the amendment of the Company's Certificate of Incorporation to effect a reverse stock split. Passage of this proposal will, when fully implemented, support our plan for continued listing on the NASDAQ Stock Market which, we believe, is critical in protecting the value of your investment." If you need assistance in voting your shares or have questions regarding the Annual Meeting, please contact MacKenzie Partners, Inc., DayStar's proxy solicitor, at (800) 322-2885 (toll-free) or (212) 929-5500 (collect), or by email at email@example.com. A copy of the Company's preliminary proxy statement which contains details about the annual meeting and the reverse split can be found on the Company's website at http://www.daystartech.com/investor-events.cfm (select "View Proxy Materials" or at http://www.sec.gov/edgar.shtml. Forward-Looking Statements