14 Penny Stocks Get Delisting Warning
Conolog (CNLG) rallied to a 52-week high of $4.72 in February before plunging below $1. The stock last closed above $1 on June 30.
Company Profile: Conolog provides digital signal processing and digital security services to electric utilities. Based in Somerville, N.J., Conolog has only 16 workers. In February, TheStreet noted many of the pitfalls associated with investing in penny stocks by highlighting Conolog. The Benou family, which controls Conolog, sold shares after the stock nearly doubled in price on the announcement of a $1.9 million systems contract.
Closing Price: 53 cents (Sept. 1)Three-Month Stock Performance: -58.6% Received Nasdaq Notice: Aug. 13 Management's Expected Action: Conolog said in a regulatory filing that it has until Feb. 9 to regain compliance, although the company did not provide any further plans. Conolog lands on the Nasdaq's non-compliance list for a number of other reasons, including deficiencies in proxy solicitation and its annual shareholder meeting requirement. In June, Conolog received separate notifications from the Nasdaq for deficiencies in stockholders' equity required for continued listing, as well as failure to have its 10-Q for the quarter ended April 30 to be reviewed.
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