Eat your heart out Mr. Tang
ITEM 5: OTHER EVENT
Star Technologies, Inc. (the "Registrant") has recently been advised
by The Nasdaq Stock Market ("Nasdaq") that Nasdaq plans to delist the
Registrant's common stock from the Nasdaq National Market System ("NMS")
because the Registrant does not meet the requirements for continued listing
on the NMS. Nasdaq has specifically cited the Registrant's non-compliance
with the requirement that listed companies maintain net tangible assets of at
least $4 million.
While the Registrant has requested a hearing to appeal Nasdaq's plan
to delist the Registrant's common stock, there can be no assurance that this
appeal will be successful. The date of the hearing has not yet been set.
Nasdaq has advised the Registrant that the delisting of its common stock will
be stayed through the hearing date. If Nasdaq ultimately determines to
delist the Registrant's common stock from the NMS, the Registrant will
request that its common stock be listed on the Nasdaq Small Cap Market.
The Registrant is currently exploring various alternatives to achieve
full compliance with the continued listing requirements of the NMS. Such
requirements were increased, effective February 23, 1998, as part of an
overall Nasdaq initiative to heighten its listing requirements, both for
initial and continued listing of securities. There can be no assurance as to
the timing or success of any such alternative.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
STAR TECHNOLOGIES, INC.
Dated: April 28, 1998 By: /s/ Brenda A. Potosnak
Brenda A. Potosnak
Vice President of Finance and
Administration, Secretary, Treasurer,
and Chief Financial Officer
|
