Cybex International, Inc. said that on April 5, it received a letter from the NASDAQ Stock Market notifying Cybex that based on the company's stockholders' equity at the close of the year it does not comply with the minimum stockholders' equity requirement of $10 million for continued listing.
As of Dec. 31, 2010, the company's stockholders' equity was approximately negative $15,010,000.
The notification letter states that the company will be afforded 45 calendar days, or until May 20, 2011, to submit a plan advising NASDAQ of the action the company has taken, or plans to take, to regain compliance with the minimum stockholders' equity continued listing requirement. If NASDAQ does not accept the company's compliance plan by May 20, 2011, NASDAQ may then initiate delisting proceedings from the NASDAQ Global Market, at which time the company may appeal the determination to a NASDAQ hearings panel. The company currently intends to prepare a plan of compliance to submit to NASDAQ.
Cybex previously has been informed by NASDAQ that it does not meet the minimum bid price continued listing requirement. Cybex is currently considering its available options to regain compliance with all NASDAQ continued listing requirements.
