McLaren Performance Further Amends Nasdaq Appeal Request
Tuesday September 24, 4:18 pm ET
LIVONIA, Mich. -(Dow Jones)- McLaren Performance Technologies Inc. (NasdaqSC:MCLN - News) again amended its appeal of Nasdaq's decision to make its shares subject to delisting.
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In a press release Tuesday, the company said the appeal will now include Nasdaq's rules stipulating shareholder approval requirements prior to the issuance of designated securities as well as those regarding an approved arrangement for stock acquired by officers or directors.
McLaren said it complied with these rules by providing for a 25,000-share cap in an amendment to the warrant and subordinated convertible note.
The company's Aug. 20 appeal, which concerned the exchange's $1 minimum bid price requirement, claimed the company is "moving to the positive," citing restructuring efforts and a contract with a "major domestic automotive manufacturer."
Company representatives weren't immediately available to provide information regarding the Sept. 4 appeal amendment.
Shares of McLaren recently traded at 23 cents, down 2 cents, or 8%, on volume of 2,000 shares. Average daily volume is 7,667 shares. The company's shares last complied with Nasdaq's minimum closing bid on Sept. 19, 2001.
Company Web site: mclarenperformance.com
-Nora Devine; Dow Jones Newswires; 201-938-5388
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