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Chad Therapeutics, Inc. (CTU) Receives Letter from the American Stock Exchange Citing Non-Compliance with Certain Listing Requirements
7/24/2008 11:00:09 AM
CHATSWORTH, Calif.--(BUSINESS WIRE)--CHAD Therapeutics, Inc. (AMEX:CTU) today announced that on July 23, 2008, it received a letter from the American Stock Exchange ("AMEX") stating that the Company was not in compliance with Section 1003 of the AMEX Company Guide. Specifically, the Company is not in compliance with Section 1003(a)(i) of the AMEX Company Guide with stockholders' equity of less than $2,000,000 and losses from continuing operations and/or net losses in two out of its three most recent fiscal years, Section 1003(a)(ii) of the AMEX Company Guide with stockholders' equity of less than $4,000,000 and losses from continuing operations and/or net losses in three out of its four most recent fiscal years, and Section 1003(a)(iv) of the AMEX Company Guide in that the Company has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become impaired so that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue operations and/or meet its obligations as they mature. Furthermore, over the last six months the Company has had an average selling price of $0.32 per share of common stock and, as of July 22, 2008, the closing price of the Company's Common Stock was $0.16 per share. Therefore, in accordance with section 1003(f)(v) of the AMEX Company Guide, the Exchange has deemed it appropriate for the Company to effect a reverse stock split, and if not effected within a reasonable amount of time, the Exchange may consider suspending dealings in, or removing from the list, the Company's common stock.
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