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MGT Capital Investments, Inc.: NYSE AMEX LLC Receives Extension Related To Plan Of Compliance

Stocks in this article: MGT

MGT Capital Investments, Inc. (“MGT” or “the Company”) (AMEX: MGT.BC), a holding company with operations in the healthcare industry, today announced that on February 17, 2012 it received notice from the staff of the NYSE Amex LLC (the “Exchange”) that the Company was granted an extension until March 31, 2012 for the Company to comply with Section 1003 (f) (v) of the Exchange’s Company Guide. The Exchange noted that the Company could regain compliance by effectuating a reverse-split of its common stock. The Company plans to effectuate a reverse split of its common stock prior to March 31, 2012. As previously disclosed, on June 8, 2011 the Exchange notified the Company that it is not in compliance with Section 1003(a)(i) of the Company Guide since it reported stockholders' equity of less than $2,000,000 at March 31, 2011 and losses from continuing operations and net losses in two of its three most recent fiscal years ended December 31, 2010, Section 1003(a)(ii) of the Company Guide since it reported stockholders' equity of less than $4,000,000 at March 31, 2011 and losses from continuing operations and/or net losses in three of its four most recent fiscal years ended December 31, 2010 and Section 1003(a)(iii) of the Company Guide since it reported stockholders' equity of less than $6,000,000 at March 31, 2011 and losses from continuing operations and net losses in its five most recent fiscal years ended December 31, 2010. The Company was afforded the opportunity to submit a plan of compliance to the Exchange and that plan was accepted by the Exchange on August 23, 2011, with a targeted date of December 8, 2012 to regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Exchange’s Company Guide.

On January 3, 2012, the Company was cited for noncompliance with Section 704 of the Company Guide in that it failed to hold an annual meeting of its stockholders during 2011 for the fiscal year ended December 31, 2010. The Company's plan of compliance detailing actions which it had taken, or intended to take, to regain compliance with the continued listing standards was accepted by the Exchange via letter dated January 26, 2012, granting the Company until July 3, 2012 to regain compliance with Section 704 of the Exchange’s Company Guide.

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