American Learning Corporation to Appeal Nasdaq Delisting Notice
03 September 2010 - 11:36PM
Business Wire
American Learning Corporation (the “Company”) (NASDAQ:ALRN)
received notification from The Nasdaq Stock Market (“Nasdaq”) that
it has not regained compliance with The Nasdaq Capital Market's
minimum bid price requirement for continued listing, set forth in
Nasdaq Listing Rule 5550(a)(2) and, unless the Company appeals
Nasdaq’s decision, trading of the Company’s common stock will be
suspended at the opening of business on September 9, 2010, and a
Form 25-NSE will be filed with the Securities and Exchange
Commission, which will remove the Company’s securities from listing
and registration on The Nasdaq Capital Market.
Accordingly, on September 2, 2010, the Company submitted an
appeal of the Nasdaq Staff determination to Nasdaq’s Hearing Panel
(the “Panel”) pursuant to the procedures set forth in the Nasdaq
Listing Rule 5800 Series. The hearing request will stay the
suspension of the Company's securities and the filing of the Form
25-NSE pending the Panel’s decision. In response to the Company’s
request, the Nasdaq Office of General Counsel has scheduled a
hearing for October 7, 2010 at which time the Company must
demonstrate its ability to regain compliance with the minimum bid
price requirement. There can be no assurance that the Panel will
grant the Company's request for continued listing.
American Learning Corporation, through its wholly owned
subsidiaries, Interactive Therapy Group Consultants, Inc. and
Signature Learning Resources, Inc., offers a comprehensive range of
services to children with developmental delays and
disabilities.
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