FONAR to meet with Nasdaq under threat of stock exchange expulsion

Nasdaq’s listing qualifications panel has granted FONAR its filed request for a hearing, at which time the company intends to request the continued listing of its securities based on FONAR’s plan to solicit proxies and hold its annual meeting.

In late June, the Nasdaq Stock Market sent a letter to FONAR, indicating that the company is not in compliance with Marketplace Rules 4350(e) and 4350(g), due to the fact that it had not yet solicited proxies or held its annual meeting for the fiscal year, which ended June 30, 2007.

Nasdaq has scheduled the hearing for late August. The Melville, N.Y.-based FONAR originally planned to hold its annual meeting in June, and said it is anticipating that the panel will render a decision within approximately 30 days after the hearing.