The Nasdaq Stock Market sent a cautionary notice to North American Scientific (NAS), dated Sept. 21.
The notice indicates that NAS does not comply with the minimum $10 million stockholders' equity requirement under Maintenance Standard 1 for continued listing on The Nasdaq Global Market set forth in Marketplace Rule 4450.
In addition, NAS does not comply with the minimum $50 million market value of listed securities under Maintenance Standard 2 for continued listing, according to the notice.
To comply with Nasdaq requirements, the Chatsworth, Calif.-based NAS said it will submit a plan to achieve and sustain compliance with all Nasdaq Global Market listing requirements, including the minimum stockholders' equity standard.
Once received, Nasdaq staff will review NAS’ plan to determine if it is satisfactory to achieve compliance in the short term and sustain compliance in the long term.