Signalife, a life sciences company focused on the monitoring and detection of disease, received a deficiency letter from the American Stock Exchange (AMEX), advising the company to comply with the $6 million stockholders' equity threshold required for continued listing under AMEX Rules 1003.
The notification was triggered by the decline of Signalife's market capitalization to less than $50 million, which previously exempted it from meeting the minimum stockholders' equity requirement, according to the Greenville, S.C.-based Signalife.
Pursuant to the AMEX letter, Signalife said it submitted a plan to AMEX for its review and acceptance to bring the company into compliance with the equity requirement. On March 20, AMEX notified Signalife that it accepted its plan of compliance and granted the company an extension until May 7, 2009 to regain compliance with the stockholders' equity requirement, according to the company.
Signalife said will be subject to periodic review by AMEX staff during the extension period, and failure to make progress consistent with the plan or to regain compliance with the stockholders' equity requirement by the end of the extension period could result in the company being delisted from AMEX.