Full Press Release Details
INC RECEIVES NASDAQ LETTER
California, September 24, 2008 -- Pro-Dex, Inc. (the "Company") (Nasdaq Capital
Markets: PDEX) today announced it has received a Nasdaq Staff Deficiency Letter
on September 23, 2008 indicating that the Company fails to comply with the
minimum bid price requirement for continued listing set forth in Marketplace
Rule 4310(c)(4). The letter gives the Company notice that the Company's bid
price of its common stock has closed under $1.00 for the last 30 business days.
to Nasdaq Marketplace Rule 4310(c)(8)(D), the Company has been provided an
initial period of 180 calendar days, or until March 23, 2009, to regain
compliance. The letter states the Nasdaq staff will provide written notification
that the Company has achieved compliance with Rule 4310(c)(4) if at any time
before March 23, 2009, the bid price of the Company's common stock closes at
$1.00 per share or more for a minimum of 10 consecutive business days, although
the letter also states that the Nasdaq staff has the discretion to require
compliance for a period in excess of 10 consecutive business days, but generally
no more than 20 consecutive business days, under certain circumstances.
the Company cannot demonstrate compliance with Rule 4310(c)(4) by March 23,
2009, the Nasdaq staff will determine whether the Company meets The Nasdaq
Capital Market initial listing criteria set forth in Nasdaq Marketplace Rule
4310(c), except for the bid price requirement. If the Company meets the initial
listing criteria, the Nasdaq staff will notify the Company that it has been
granted an additional 180 calendar day compliance period. If the Company is
eligible for an additional compliance period, the Nasdaq staff will provide
written notice that the Company's securities will be delisted. At that time,
Company may appeal the Nasdaq staff's determination to delist its securities
a Listing Qualifications Panel.