CORINTH, Miss., Aug. 17, 2012 /PRNewswire/ -- eOn Communications Corporation ™ (NASDAQ: EONC) (the "Company"), a leading provider of telecommunications solutions, today announced that on August 15, 2012 it received a Nasdaq Deficiency Letter from the Nasdaq Stock Market. The letter states that for the last 30 consecutive business days, the closing bid price per share of the Company's common stock has been below the $1.00 minimum share requirement for continued listing as set forth in Nasdaq Marketplace Rule 5550(a)(2). According to Nasdaq Marketplace Rule 5810(c)(3)(A), the Company will be provided 180 calendar days, or until February 12, 2013, to regain compliance.
The Nasdaq letter has no effect on the listing of the Company's common stock at this time. If at anytime before February 12, 2013, the bid price of the Company's common stock closes at $1.00 per share or more for ten consecutive business days Nasdaq will recognize that the Company has regained compliance with the Rule and the Company's common stock will remain listed on the Nasdaq Stock Exchange.
If the Company does not regain compliance, the Company may be eligible for additional time to comply. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional 180 calendar days to comply. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq staff will provide notice that the Company's securities will be subject to delisting.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV