IGI Laboratories, Inc. (NYSE AMEX:IG), a New Jersey based formulation and manufacturing company announces notice from NYSE Amex LLC (“NYSE Amex” or the “Exchange”) of non-compliance.
On May 25, 2010, the Company received a notice (the "Notice") from NYSE Amex LLC notifying the Company that the Company does not currently meet the Exchange's continued listing standards as set forth in Part 10 of the Exchange’s Company Guide (the "Company Guide"). Specifically, the Company is not in compliance with Section 1003(a)(iii) of the Company Guide because the Company has stockholder's equity of less than $6,000,000 and has losses from continuing operations and net losses in each of its last five fiscal years. The Company's stockholders' equity as reported on its Form 10-Q for the quarter ended March 31, 2010 was $5,779,000 and the Company has reported net losses for the 2009, 2008, 2007, 2006 and 2005 fiscal years.
The Company has been afforded the opportunity to submit a plan of compliance to the Exchange by June 24, 2010 addressing how it intends to regain compliance with Section 1003(a)(iii) of the Company Guide within nine months, or by February 25, 2011 (the “Plan”). In setting this truncated deadline for compliance, the Exchange Staff applied Section 1009(h) of the Company Guide which provides that the Exchange Staff may truncate the continued listing evaluation and follow up procedures if a company, within 12 months of the end of a plan period, is again determined to be below the continued listing standards. The Company was previously notified of its noncompliance with Sections 1003(a)(iii) and (ii) of the Company Guide by letters dated May 6, 2008 and September 16, 2008, respectively. The Company was below the continued listing standards for approximately 13 months, regaining compliance on June 18, 2009. The Exchange Staff determined that both were related to the Company’s unsatisfactory operating results, including continuing losses.