Alliance HealthCare Services, Inc. (NYSE:AIQ), a leading national provider of outpatient diagnostic imaging and radiation therapy services, announced today that the Company has regained compliance with the NYSE’s continued listing standard for share price.
On July 3, 2012, the Company received notification from the NYSE that the Company had fallen below the share price continued listing standard as of June 27, 2012, which requires a minimum average closing price of $1.00 per share over 30 consecutive trading days. Alliance regained compliance after its average closing share price for the 30 trading days ended and its closing share price on August 31, 2012, exceeded $1.00 per share.
Mr. Larry Buckelew, Chairman and Chief Executive Officer, stated, “We are pleased to have regained compliance with the share price listing standard and remain diligent in our efforts to regain compliance with all NYSE listing standards within the time periods provided. We believe in the underlying fundamentals of our business and we are committed to building upon our achievements to realize our long-term vision to become a more vital and strategic partner to our customers.”
The Company continues to work toward regaining compliance with the market capitalization standard, which requires an average market capitalization of not less than $75 million over a 30 trading day period. Alliance has until March 2013 to regain compliance with that standard as part of the 18 month grace period granted by the NYSE. As of September 4, 2012, Alliance had a market capitalization of approximately $71 million (based on 53,039,223 shares outstanding and a closing share price of $1.33 on September 5, 2012). The Company continues to provide quarterly updates to the NYSE during the grace period. Additionally, the Company is working to satisfy the NYSE’s requirement that Alliance have at least three independent directors serving on its Audit Committee. The Company became non-compliant with this listing standard as a result of Mr. Buckelew being appointed interim CEO effective on June 1, 2012. NYSE rules prohibit an interim officer from serving as an independent audit committee member. Alliance was afforded a six month grace period, through December 1, 2012, to demonstrate compliance with that listing standard.