| | Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On August 23, 2006, ZAP (the “Company”) received a notice (the “Notice”) from the staff of NYSE Regulation, Inc. (the “Staff”) advising the Company that it is not in compliance with NYSE Arca Equities, Inc. quantitative continued listing requirements set forth in Rule 5.5(h). Specifically, the Company is not in compliance with the $500,000 minimum total net tangible assets, or $2,000,000 minimum net worth, requirements. In addition, from July 11, 2006 through August 17, 2006, the Company’s common stock closed below the $1.00 per share minimum bid price requirement. However, on August 23, 2006, the date of the Notice, the Company’s common stock closed at $1.42.
The Staff has requested that the Company submit a plan outlining the steps the Company proposes to take to regain compliance with the NYSE Arca continued listing requirements. Pursuant to the Notice, the Company intends to provide a written response to the Staff no later than September 15, 2006 on how it proposes to regain compliance within the stipulated 18 months from the date of Notice.
A copy of the press release reporting the receipt of the Notice is attached as Exhibit 99.1 to this Current Report on Form 8-K.
From: sec.gov |
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