American Technology Receives Notification From Nasdaq Regarding Bid Price
Deficiency
SAN DIEGO, CA, Oct 07, 2008 (MARKET WIRE via COMTEX) -- American Technology
Corporation (ATC) (ATCO) today announced that it received notification from
Nasdaq that for the last 30 consecutive trading days, the bid price of the
Company's common stock has closed below the minimum $1.00 per share requirement
for continued listing on the Nasdaq Capital Market under Marketplace Rule
4310(c)(4) (the "Rule"). The notice further states that, in accordance with
Marketplace Rule 4310(c)(8)(D), the Company will be provided 180 calendar days,
or until March 31, 2009, to regain compliance with the Rule by maintaining a
closing bid price of the Company's common stock of $1.00 per share or more for a
minimum of 10 consecutive trading days.
If the Company is unsuccessful in demonstrating compliance with the Rule by March
31, 2009, Nasdaq will determine whether the Company meets the Nasdaq Capital
Market initial listing criteria as set forth in Marketplace Rule 4310(c), except
for the bid price requirement. If it meets the initial listing criteria, the
Company will be granted an additional 180-calendar day compliance period. If the
Company is not eligible for an additional compliance period, Nasdaq will provide
written notification that the Company's securities will be delisted. At that
time, the Company may appeal Nasdaq's determination to delist its securities to a
Listing Qualifications Panel.
This notification has no immediate effect on the listing of the Company's common
stock on the Nasdaq Capital Market.
About American Technology Corporation
American Technology Corporation is Shaping the Future of Sound(R) by providing
directed audio solutions that place clear, highly intelligible sound exactly
where needed. ATC's Long Range Acoustic Device (LRAD(R)), HyperSonic(R) Sound,
and NeoPlanar(R) product lines make up the core of an expanding portfolio of
directed sound products and technologies. For more information about ATC and its
directed sound solutions please visit the company's web site at
atcsd.com.
FOR FURTHER INFORMATION CONTACT:
Investor Relations:
Robert Putnam
(858) 676-0519
Email Contact
SOURCE: American Technology Corporation
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