SALT LAKE CITY, Nov. 8, 2012 /PRNewswire/ -- Dynatronics Corporation (Nasdaq: DYNT) today announced that on November 7, 2012, the Company received a Nasdaq Staff Determination Letter indicating that the Company has not complied with the $1.00 minimum bid rule for continued listing set forth in Listing Rule 5550(a)(2) and faces delisting from the Nasdaq Capital Market at the opening of business on November 16, 2012, unless the Company requests an appeal of the determination by the staff.
The Company will request an appeal of the delisting determination pursuant to procedures available under the Nasdaq Listing Rules. The hearing panel is authorized to grant additional time to regain compliance, if the panel deems it appropriate. The Company's hearing request will stay the suspension of the Company's securities pending the hearing and a final determination by the panel. As part of its appeal, the Company will be required to provide the panel with a plan to regain compliance. The Company's plan includes a commitment to effect a reverse stock split, if necessary.
"We have filed a definitive proxy statement requesting shareholder approval for a 1 for 5 reverse stock split to regain compliance," stated Kelvyn H. Cullimore, Jr., chairman and president of Dynatronics. "With several positive developments taking place at the Company, including the recently announced introduction of our Dynatronics SolarisPlus product line and Quad7 products, we believe Dynatronics has a strong future and will be granted the time under our plan necessary to effect our reverse split in order to regain compliance with the rule."
Dynatronics manufactures, markets and distributes advanced-technology medical devices, orthopedic soft goods and supplies, treatment tables and rehabilitation equipment for the physical therapy, sports medicine, chiropractic, podiatry, plastic surgery, dermatology and other related medical, cosmetic and aesthetic markets. More information regarding Dynatronics is available at www.dynatronics.com.
SOURCE Dynatronics Corporation