AUSTIN, Texas, April 17, 2013 (GLOBE NEWSWIRE) -- Asure Software, Inc. (Nasdaq:ASUR), a leading provider of workplace management software, announced that on April 11, 2013, it received a letter from The NASDAQ Stock Market ("NASDAQ") stating that pursuant to Rule 5550(b)(2), the $35 million minimum Market Value of Listed Securities ("MVLS") for its common stock was not met.
The NASDAQ notification has no immediate effect on the listing of the Company's common stock and Asure will be provided a grace period of 180 calendar days, or until October 8, 2013, to regain compliance. After the grace period expires, NASDAQ may notify the Company of its intent to delist its common stock to which the Company may appeal any delisting determination by the NASDAQ staff to a NASDAQ Hearings Panel.
Under Rule 5550, the Company can regain compliance and avoid the potential for delisting by satisfying any one of the minimum MVLS test, the minimum equity test or the minimum net income test. NASDAQ has advised the Company in its letter that it did not meet the requirements under NASDAQ Marketplace Rule 5550(b)(1), which requires maintenance of $2.5 million of stockholders' equity, and Rule 5550(b)(3), which requires net income from continuing operations of $500,000 or more in 2012 or in two of the three years 2010, 2011 and 2012. However, NASDAQ did not advise the Company that its failure to meet those Rules subjects it to potential delisting.Although the Company cannot control the stock price or market capitalization, Asure will continue to monitor the MVLS for its common stock and consider various options available if the common stock does not trade at a level that is likely to regain compliance within the requisite grace period. One of those options available to the Company is to issue common stock to meet the minimum equity requirement.