Applied Energetics Announces Receipt Of NASDAQ Letter Citing Non-Compliance With Minimum Bid Price Rules
TUCSON, Ariz., Dec. 15, 2010 /PRNewswire-FirstCall/ -- Applied Energetics, Inc., (Nasdaq: AERG) today announced that on December 14, 2010 it received a notice from The NASDAQ Stock Market stating that the minimum bid price of the Company's common stock was below $1.00 per share for 30 consecutive business days and that the Company was therefore not in compliance with Marketplace Rule 5550(a)(2). The notification letter has no effect at this time on the listing of the Company's common stock on The NASDAQ Capital Market. Applied Energetics common stock will continue to trade on The NASDAQ Capital Market under the symbol AERG.
The notification letter states that Applied Energetics will be afforded 180 calendar days, or until June 13, 2011, to regain compliance with the minimum closing bid requirement. In accordance with Marketplace Rule 5810(c)(3)(a), the Company can regain compliance if the closing bid price of the Company's common stock meets or exceeds $1.00 per share for at least 10 consecutive business days.
If the Company does not regain compliance by June 13, 2011, NASDAQ will provide written notification to the Company that the Company's securities are subject to delisting. In the event the Company does not regain compliance by June 13, 2011, the Company may be eligible for an additional 180 calendar day grace period if it meets the initial listing standards, with the exception of bid price, for The NASDAQ Capital Market, and it provides written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.
Abou t Applied E n ergetics, Inc.Applied Energetics, Inc., based in Tucson, Arizona, specializes in development and manufacture of advanced high performance lasers, high voltage electronics, advanced optical systems, and integrated guided energy systems for defense, aerospace, industrial, and scientific customers worldwide. Applied Energetics pioneered the development of Laser Guided Energy™ (LGE™) technology, and related solutions for defense and security applications. For more information about Applied Energetics, please visit www.appliedenergetics.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
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