Cybex International Inc., the fitness equipment provider, said that on Nov. 15  it received a letter from Nasdaq
notifying the company that the Nasdaq Hearings Panel granted the company's request for
continued listing on Nasdaq. The approval was subject to the following conditions.

According to a filing with the Securities & Exchange Commission, those included:

  • Stockholders' Equity Requirement. On or before January 2, 2012, the
    Company must publicly announce on a Form 8-K its stockholders' equity,
    which shall be $10 million or greater.
  • Minimum Bid Price Requirement. On or before March 12, 2012, the
    Company shall have evidenced a closing bid price above $1.00 for a
    minimum of 10 consecutive trading days.

In order to fully comply with the terms of this exception, Cybex said it must be able to demonstrate compliance with all requirements for
continued listing on Nasdaq. In the event the company is unable to do
so, its securities may be delisted from Nasdaq.

Cybex noted that on Oct. 4 it received a determination letter from The Nasdaq Stock Market indicating that the company's common stock was subject to delisting from Nasdaq because it failed to comply with the minimum stockholders' equity requirement of $10 million as required by Nasdaq Listing Rule 5450(b)(1)(A). As also previously reported, on June 16, 2011, Nasdaq notified the company that it does not comply with the minimum bid price requirement of $1 per share for continued listing on Nasdaq and afforded the company 180 calendar days, or until Dec. 13, 2011, to regain compliance with the minimum bid price continued listing requirement.

The company requested a hearing before a Nasdaq Hearings Panel (the “Panel”) to review the Determination Letter, which request stayed the suspension of the Company's common stock. The hearing was held on Nov. 10, 2011.

At the hearing, the company presented a plan to regain compliance with both the minimum stockholders' equity requirement and the minimum bid price requirement and requested that the Panel allow it additional time within which to regain compliance.