Amerityre to Leave Nasdaq February 4
Amerityre Corporation has announced the delisting of its common stock from the Nasdaq stock exchange as of February 4, in compliance with Securities and Exchange Commission rules. The company reports it is unable to meet the minimum requirements needed to remain listed on the Nasdaq, such as a minimum US$2.5 million stockholders’ equity, listed securities to a market value of $35 million, or $500,000 in net income from continuing operations. As of September 16, 2009, Amerityre’s stock had been trading below $1 for 30 consecutive business days, violating another Nasdaq listing requirement.
“Notwithstanding the delisting, the company believes its financial condition and operations are healthy and sustainable,” Amerityre said in a statement. “The board of directors and management also believe that the company may realise some cost savings as a result of the delisting. In addition, the Company anticipates increasing its product offerings and achieving higher revenues in the balance of its fiscal year ending June 30, 2010.”
Amerityre said it itends to transfer its stock to Nasdaq’s Over the Counter Bulletin Board.