Contact Information: Contact: Dorothy Cipolla CFO LightPath Technologies, Inc. Phone: +1-407-382-4003 x305 Email: Internet: www.lightpath.com
LightPath Technologies Announces Compliance With Nasdaq Minimum Stockholders' Equity Requirement
| Source: LightPath Technologies
ORLANDO, FL--(Marketwire - September 1, 2009) - LightPath Technologies, Inc. (NASDAQ : LPTH )
today announced that it believes that is has regained compliance with the
Nasdaq minimum stockholders' equity requirement.
On May 20, 2009, we received a notification from The NASDAQ Listing
Qualifications of The NASDAQ Stock Market, LLC that we did not comply with
Marketplace Rule 4310(c)(3), which requires us to have a minimum of
$2,500,000 in stockholders' equity or $35,000,000 market value of listed
securities or $500,000 of net income from continuing operations for the
most recently completed fiscal year or two of the three most recently
completed fiscal years.
Subsequently, two events have occurred which we believe have enabled us to
regain compliance with the stockholders' equity requirement. First, on
July 27, 2009, we received a payment from our D&O insurance carrier of
$182,687 to reimburse us for legal fees relating to a lawsuit which has
previously been dismissed from federal court.
Secondly, on August 19, 2009, LightPath executed a Securities Purchase
Agreement with 33 institutional and private investors with respect to a
private placement of an aggregate of 1,298,827 shares of our Class A common
stock. The net proceeds for the private placement, and the corresponding
increase to stockholders' equity, were $1,473,400.
Based upon the two events described above, we now meet the compliance
requirements for the minimum stockholders' equity requirement. Nasdaq has
informed us that it will continue to monitor our ongoing compliance with
the stockholders' equity requirement and, if at the time of our next
periodic report we do not evidence compliance, that we could be subject to
delisting.
About LightPath Technologies
LightPath manufactures optical products including precision molded aspheric
optics, GRADIUM® glass products, proprietary collimator assemblies, laser
components utilizing proprietary automation technology, higher-level
assemblies and packing solutions. LightPath has a strong patent portfolio
that has been granted or licensed to us in these fields. LightPath common
stock trades on the Nasdaq Capital Market under the stock symbol LPTH. For
more information visit www.lightpath.com
This news release includes statements that constitute forward-looking
statements made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. This information may involve
risks and uncertainties that could cause actual results to differ
materially from such forward-looking statements. Factors that could cause
or contribute to such differences include, but are not limited to, factors
detailed by LightPath Technologies, Inc. in its public filings with the
Securities and Exchange Commission. Except as required under the federal
securities laws and the rules and regulations of the Securities and
Exchange Commission, we do not have any intention or obligation to update
publicly any forward-looking statements whether as a result of new
information, future events or otherwise.
GRADIUM® is a registered trademark of LightPath Technologies