ERBA Diagnostics, Inc. (NYSE MKT: ERB) (the “Company”), a fully integrated in vitro diagnostics company, announced today that the Company received a letter from NYSE MKT LLC (the “Exchange”) stating that the Exchange has accepted the Company’s plan of compliance (the “10-Q Plan”) for continued listing relating to the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.
The letter from the Exchange also stated that the Company has resolved its prior non-compliance with the continued listing standards contained in the Exchange’s Company Guide (the “Company Guide”) relating to Company’s failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2012, because the Company filed its Annual Report on Form 10-K for the year ended December 31, 2012 with the Securities and Exchange Commission (the “SEC”) on June 14, 2013.
As previously reported, the Company received a letter on May 17, 2013 from the Exchange stating that: (i) the Company was not in compliance with Sections 134 and 1101 of the Company Guide due to the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 with the SEC; and (ii) the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 was a material violation of its listing agreement with the Exchange and, therefore, pursuant to Section 1003(d) of the Company Guide, the Exchange was authorized to suspend and, unless prompt corrective action was taken, remove the Company’s securities from the Exchange.
The Company was afforded the opportunity to submit a plan of compliance to the Exchange and, on May 31, 2013, the Company presented its 10-Q Plan to the Exchange. On June 19, 2013, the Exchange notified the Company that it accepted the Company’s 10-Q Plan and granted the Company an extension until August 15, 2013 (the “10-Q Plan Period”) to regain compliance with the continued listing standards of the Company Guide. The Company will be subject to periodic review by the Exchange during the 10-Q Plan Period. Failure to make progress consistent with the 10-Q Plan or to regain compliance with the continued listing standards of the Company Guide by the end of the 10-Q Plan Period could result in the Company being delisted from the Exchange. The Company is working diligently to regain compliance with the Company Guide by completing and filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 with the SEC, which the Company expects to do on or prior to August 15, 2013.
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