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Xcorporeal, Inc. Reports on Receiving a Notice from NYSE Amex LLC of Its Intent to Initiate Delisting Proceedings


8/27/2009 9:42:19 AM

LOS ANGELES--(BUSINESS WIRE)--Xcorporeal, Inc. (NYSE Amex: XCR) (the “Company” or “Xcorporeal”) announced today that, on August 20, 2009, the Company received notice from the staff of the NYSE Amex LLC (formerly American Stock Exchange, the “Exchange”) indicating that, in the opinion of the staff of the Exchange, the Plan of Compliance previously submitted by the Company to the Exchange does not make a reasonable demonstration of the Company’s ability to regain compliance with Section 1003(a)(iv) of the NYSE Amex Company Guide by November 16, 2009, due to the Company having sustained losses which are so substantial in relation to the Company’s overall operations or its existing financial resources, or its financial condition had become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company would be able to continue operations and/or meet its obligations as they mature. Accordingly, the Company’s securities are subject to immediate delisting proceedings. The Company will not appeal this decision and pursuant to the terms of the notice, if the Company elects not to appeal the Amex’s decision by August 27, 2009, it will become final. The staff of the Exchange will then suspend trading in the Company’s securities on the Exchange and file an application with the U.S. Securities and Exchange Commission to strike the Company’s common stock from listing and registration on the Exchange.

Read at BioSpace.com

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