Full Press Release Details
SPACEHAB ANNOUNCES NASDAQ
AND GOING CONCERN QUALIFICATION
Texas, September 28, 2007 SPACEHAB, Incorporated
(NASDAQ: SPAB), a leading provider of commercial space services, today
announced its receipt of a notice from NASDAQ Staff on September 25, 2007
stating that the Company does not comply with Marketplace Rule 4310(c)(3).
Marketplace Rule 4310(c)(3) requires the Company to
have $500,000 of net income from continuing operations for the most recently
completed fiscal year or two of the three most recently completed fiscal years;
or $35,000,000 market value of listed securities; or $2,500,000 in
stockholders equity.
previously announced a Tender Offer to exchange its outstanding convertible
notes into common and preferred SPACEHAB stock. The Tender Offer is slated to
close on October 1, 2007. If the Tender Offer is successful, the Company
anticipates it will regain compliance with Rule 4310(c)(3).
On September 21, 2007, the Company filed its annual report on Form 10-K
which included an audit report by the Company s independent registered public
accounting firm containing a going concern qualification. The Company makes
this announcement in compliance with NASDAQ Marketplace Rule 4350(b)(1)(B),
which requires any NASDAQ listed issuer that receives an audit opinion that
contains a going concern qualification to make a public announcement to that
effect through the news media. This announcement and press release do not
represent any amendment to SPACEHAB s 2007 Annual Report on Form 10-K.
About SPACEHAB, Incorporated
1984, SPACEHAB (www.spacehab.com) is a leading provider of commercial
space products and services to NASA, international space agencies and
universities, Department of Defense, and private customers worldwide. The
Company offers end-to-end space access solutions, space systems development,
mission integration and pre-launch processing facilities and services, and
large-scale government program support services.
The statements in this document may contain
forward-looking statements that are made pursuant to the Safe Harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks, trends, and uncertainties that could cause
actual results to be materially different from the forward-looking statement.
These factors include, but are not limited to, continued government support and
funding for key space programs, product performance and market acceptance of
products and services, as well as other risk factors and business
considerations described in the company s Securities & Exchange Commission
filings including the annual report on Form 10-K. Any forward-looking
statements in this document should be evaluated in light of these important
risk factors. The Company assumes no obligation to update these forward-looking
FOR MORE INFORMATION:
Eva-Marie deCardenas
Corporate Marketing and