Fonar gets Nasdaq non-compliance letter

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The Nasdaq Stock Market has sent a letter to Fonar, indicating that the company is not in compliance with Marketplace Rules 4350(e) and 4350(g) as it has not yet solicited proxies and held its annual meeting for the fiscal year which ended June 30, 2007.

As a result, the notice indicated that the company’s securities would be subject to delisting from the Nasdaq Capital Market, unless the company requested a hearing before a Nasdaq Listing Qualifications Panel, according to Melville, N.Y.-based Fonar.

The company said it intends to request a hearing at which it will request continued listing based upon its plan to solicit proxies and hold the annual meeting. However, Fonar noted that there can be no assurance the panel will grant the company’s request for continued listing.