Tel-Instrument Electronics Corp. Announces Receipt of NYSE American Non-Compliance Letter Regarding Minimum Equity Requirement
02 August 2017 - 10:00PM
Business Wire
Tel Instrument Electronics Corp. (“Tel” or “Company”) (NYSE
American:TIK), a leading designer and manufacturer of avionics test
and measurement solutions, announced today that on July 27,
2017 it received a letter from the staff of the NYSE American
(“Exchange”) stating that, based on the Tel’s financial statements
at March 31, 2017, Tel is not in compliance with Section 1003(a)(i)
of the NYSE American Company Guide, which requires that a company’s
stockholders’ equity be $2.0 million or more if it has reported net
losses in two of its last three fiscal years (the “Stockholders’
Equity Requirement”). As of March 31, 2017, the Company had a
stockholders’ deficit of $54,361, which resulted from litigation
costs, the accrual of $2.8 million in damages, as well as the
recording of a valuation allowance against the Company’s deferred
tax asset of $3.5 million, which resulted in the Company recording
a net loss of $4.8 million for the fiscal year ended March 31,
2017, thus bringing the Company below the Stockholders’ Equity
Requirement.
The Company must submit to the Exchange, by August 28, 2017, a
plan advising of the actions the Company has taken or will take to
regain compliance with the Stockholders’ Equity Requirement by
January 29, 2019.
Tel’s stock will continue to be listed on the NYSE American
while Tel works to regain compliance with the Stockholders’ Equity
Requirement. The Company’s common stock will continue to trade
under the symbol “TIK” . The Company’s receipt of such notification
from the Exchange does not affect the Company’s business,
operations or reporting requirements with the U.S. Securities and
Exchange Commission.
About Tel-Instrument Electronics
Corp
Tel-Instrument is a leading designer and manufacturer of
avionics test and measurement solutions for the global commercial
air transport, general aviation, and government/military aerospace
and defense markets. Tel-Instrument provides instruments to test,
measure, calibrate, and repair a wide range of airborne navigation
and communication equipment. For further information please visit
our website at www.telinstrument.com.
This press release includes statements that are not historical
in nature and may be characterized as “forward-looking statements,”
including those related to future financial and operating results,
benefits, and synergies of the combined companies, statements
concerning the Company’s outlook, pricing trends, and forces within
the industry, the completion dates of capital projects, expected
sales growth, cost reduction strategies, and their results,
long-term goals of the Company and other statements of
expectations, beliefs, future plans and strategies, anticipated
events or trends, and similar expressions concerning matters that
are not historical facts. All predictions as to future results
contain a measure of uncertainty and, accordingly, actual results
could differ materially. Among the factors which could cause a
difference are: changes in the general economy; changes in demand
for the Company’s products or in the cost and availability of its
raw materials; the actions of its competitors; the success of our
customers; technological change; changes in employee relations;
government regulations; litigation, including its inherent
uncertainty; difficulties in plant operations and materials;
transportation, environmental matters; and other unforeseen
circumstances. A number of these factors are discussed in the
Company’s previous filings with the Securities and Exchange
Commission. The Company disclaims any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170802005069/en/
Tel-Instrument Electronics CorpJoseph P. Macaluso,
201-933-1600orInstitutional Marketing Services (IMS)John Nesbett or
Jennifer Belodeau203-972-9200jnesbett@institutionalms.com
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