Contact Information: Contact: Daniel Culver FONAR Corporation Tel: 631-694-2929 Fax: 631-390-1709 http://www.fonar.com
FONAR Receives NASDAQ Notice
| Source: FONAR Corporation
MELVILLE, NY--(Marketwire - October 15, 2008) - FONAR Corporation (NASDAQ : FONR ), The Inventor
of MR Scanning™, today announced that on October 9, 2008, the Company
received an additional notice of non-compliance from The NASDAQ Stock
Market LLC based upon the Company's non-compliance with the minimum
stockholders' equity requirement of $2.5 million for continued listing on
The NASDAQ Capital Market, as set forth in NASDAQ Marketplace Rule
4310(c)(3) (the "Stockholders' Equity Requirement"), at June 30, 2008,
which could serve as an additional basis for delisting of the Company's
securities from The NASDAQ Capital Market.
As previously announced, on July 8, 2008, the Company received a notice of
non-compliance from NASDAQ due to the Company's failure to satisfy NASDAQ's
proxy solicitation and annual meeting requirements. In response to the
first notice of non-compliance, the Company requested and subsequently
attended a hearing before a NASDAQ Listing Qualifications Panel (the
"Panel"), at which the Company presented its plan to regain compliance with
those requirements. Pursuant to the plan presented to the Panel, on
October 8, 2008, the Company filed a definitive proxy statement for the
annual shareholders meeting, which is scheduled to be held on November 17,
2008. The Panel has not yet rendered a determination as a result of the
hearing.
As provided by NASDAQ's most recent notice, the Company plans to make a
written submission to the Panel presenting its plan to regain compliance
with the Stockholders' Equity Requirement. While the Company is hopeful
that the Panel will grant its request for continued listing on NASDAQ,
there can be no assurance that the Panel will do so.
This release may include forward-looking statements from the company that
may or may not materialize. Additional information on factors that could
potentially affect the company's financial results may be found in the
company's filings with the Securities and Exchange Commission.