Nasdaq Denies AERT Listing
by July 13, 2009 12:00 am 61 views
Advanced Environmental Recycling Technologies of Springdale was told by Nasdaq last month that the company’s request for continued listing on the Nasdaq Capital Market had been denied. AERT was also told that to regain compliance, the company must appeal to a qualifications panel and complete its recapitalization plan.
AERT said last month in its annual shareholders meeting that shareholders had voted to authorize a reverse stock split of up to 1-for-20. In April, the company revealed in a released proxy statement that the company would be delisted by Nasdaq if it didn’t bring its stock price back above $1 per share for the 10 days leading up to Sept. 19.
“AERT understands and respects the rules and will submit its plan to the Nasdaq Listing Qualifications Panel and intends to regain and maintain compliance with NASDAQ requirements,” AERT CEO Joe Brooks said in a released statement. Nasdaq makes available to investors a list of all non-compliant companies. As of June 29, 2009, there were 172 companies listed as out of compliance.