Granite City Food & Brewery Ltd. (NASDAQ: GCFB) announced today that it has received the decision of the Hearings Panel of The NASDAQ Stock Market, notifying the Company that it had granted the Company’s request for continued listing, subject to certain conditions.
The decision followed the Company’s failure to comply with the minimum shareholders’ equity requirement for continued listing set forth in NASDAQ Listing Rule 5550(b) (1). NASDAQ staff did not accept the Company’s plan for compliance submitted on January 4, 2012, and the Company appealed that decision to a hearing panel on March 1, 2012.
The NASDAQ panel granted the Company’s request for continued listing subject to the requirement that on or before June 15, 2012, the Company must report that it has executed a definitive agreement for an equity investment in an amount sufficient to ensure that it will have shareholders’ equity in excess of $2.5 million upon completion of the transaction, and that on or before June 23, 2012, the Company announces in a Form 8-K filing with the SEC that it has closed a transaction that results in compliance with the minimum stockholders’ equity requirement and provides updated financial projections demonstrating compliance through June 30, 2013, with an explanation of the assumptions underlying the projections. If the Company is unable to meet these requirements, its shares will be subject to delisting from the NASDAQ Stock Market.
“We believe that many of the strategies we have undertaken since the CDP transaction have added significant value to the Company and that we are only beginning to see the results of such actions,” said Chief Financial Officer James G. Gilbertson. “We are growing again: we will be opening our new Granite City location in Troy, Michigan in April and Franklin, Tennessee in late summer, as well as adding a sixth Cadillac Ranch location in Pittsburgh, Pennsylvania once we receive liquor license approval in that state. We were pleased that NASDAQ granted our request for additional time and are excited about the opportunities for the Company that lie ahead.”
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