Canada : Crosshair Receives Notice of Non-Compliance from NYSE MKT.
Specifically, Crosshair is not in compliance with Section 1003(a)(iv) of the Company Guide in that it has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired 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.
The notice is based on a review by the Exchange of information that the Company has publicly disclosed, including information contained in the Company's Form 6-K filed March 15, 2013 which contained the condensed interim consolidated financial statements for the nine-month period ended January 31, 2013.
The volume weighted average price over the 30 trading days immediately preceding receipt of the notification from the Exchange for the common stock of Crosshair was $0.11 per share and as of April 4, 2013, it closed at $0.08. Therefore, pursuant to Section 1003(f)(v) of the Company Guide, the Company's continued listing is predicated on the Company effecting a reverse stock split of its common stock on the Exchange within a reasonable period of time, which the Exchange has determined to be no later than October 4, 2013. The Company must submit a plan of compliance (the "Plan") to the Exchange by May 6, 2013, addressing how it intends to regain compliance with the continued listing standards by August 5, 2013.
The Company is currently in the process of preparing the Plan for submission to the Exchange. If the Company does not submit the Plan to the Exchange or if the Plan is not accepted by the Exchange, the Company will be subject to delisting proceedings.
2013 Al Bawaba (Albawaba.com)
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|Date:||Apr 9, 2013|
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