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Aug. 29, 2011 /PRNewswire/ -- MGT Capital Investments, Inc. ("MGT", "we", or "the Company") (AMEX: MGT.BC), a holding company engaged in the medical imaging industry, announced today that NYSE Amex, LLC (the "Exchange") has accepted the Company's plan of compliance (the "Plan") submitted in response to a notice from the Exchange Staff dated
June 8, 2011 indicating that the Company was not in compliance with certain continued listing standards as set forth in Part 10 of the Exchange's Company Guide.
Specifically, the Exchange Staff noted that the Company was not in compliance with: (a) Section 1003(a)(i) of the Company Guide, resulting from stockholders' equity on
March 31, 2011 of less than
$2,000,000 and losses from continuing operations and/or net losses in two of its three most recent fiscal years; (b) Section 1003(a)(ii) of the Company Guide with stockholders' equity of less than
$4,000,000 and losses from continuing operations and/or net losses in three of its four most recent fiscal years; and (c) Section 1003(a)(iii) with stockholders' equity of less than $6,000,000 and losses from continuing operations and/or net losses in its five most recent fiscal years. The Company was afforded the opportunity to submit the Plan to the Exchange and on July 15, 2011 presented the Plan to the Exchange.
August 23, 2011, the Exchange notified the Company that it had accepted the Plan and granted the Company an extension until
December 8, 2012 to regain compliance with Sections 1003(a) (i)-(iii) of the Company Guide. The Company will be subject to periodic review by Exchange Staff during the extension period. Failure to make progress consistent with the Plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Exchange initiating delisting proceedings pursuant to Section 1009 of the Company Guide.
The Exchange further notified the Company that its common stock had fallen to a low trading price for a significant period of time and that the Company was therefore not in compliance with Section 1003(f)(v) of the Company Guide. The Company was given until
February 23, 2012 to comply with this Section. The Exchange noted that MGT could regain compliance by effectuating a reverse-split of its common stock prior to
February 23, 2012. The Company intends to use its best efforts to utilize this remedy.
MGT's common stock continues to trade on the Exchange under the symbol MGT.BC. The trading symbol will bear this additional "B.C." indicator until the Company regains its compliance with the Exchange's continued listing requirements.