|
Quotes & Info
|
| ILC > SEC Filings for ILC > Form 8-K on 19-Dec-2008 | All Recent SEC Filings |
19-Dec-2008
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or St
On December 15, 2008, iLinc Communications, Inc. (the "Company") received notice ("Notice") from the NYSE Alternext Staff (the "Exchange") indicating that the Company is below certain of the Exchange's continued listing standards as set forth in the Exchange's Company Guide (the "Company Guide").
The Notice indicated that the Company is not in compliance with Section 1003(a)(ii) of the Company Guide with stockholders' equity of less than $4,000,000 and losses from continuing operations and net losses in three out of its four most recent fiscal years. In the Notice, the Exchange has deemed it appropriate pursuant to Section 1003(f)(v) that the Company effect a reverse stock split to address the low stock price.
Pursuant to the Company Guide, the Company was afforded the opportunity to submit a plan of compliance (the "Plan") to the Exchange by January 14, 2009 that demonstrated the Company's ability to regain compliance with the listing rules of the Exchange by June 15, 2010. If the Company does not submit a Plan to the Exchange, or if the Exchange does not ultimately accept the Plan, then the Company will be subject to delisting procedures as mandated by the Company Guide. The Company is investigating all options available to it.
On December 19, 2008, the Company issued a press release regarding the Notice, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The following exhibit is filed herewith:
EXHIBIT DESCRIPTION
NUMBER
99.1 Press release dated December 19, 2008 issued by iLinc
Communications, Inc. Filed herewith.
|
|
|