Friday March 26, 12:45 am Eastern Time
Company Press Release
SOURCE: Fonix Corporation
fonix Comments on
Resumption of Trading by
Nasdaq
SALT LAKE CITY, March 25 /PRNewswire/ -- Fonix Corporation (Nasdaq: FONX - news) was
informed on Thursday, March 25, 1999 at approximately 4:30pm EST that Nasdaq will resume
trading Fonix stock on Friday, March 26, 1999 at 10:00am EST. Nasdaq subsequently issued a
public statement indicating Fonix trading would resume.
(http://www.nasdaq.com/asp/quotes_news.asp?symbol=FONX'&selected=FONX')
After Nasdaq halted trading of the Company's stock on Friday, March 19, 1999, the Company
received a request for information from Nasdaq. The request included information concerning an
amended Form S-3 Registration Statement, an amended Form 10-K for the period ending
December 31, 1997 and amended Forms 10-Q for the periods ending March 31, 1998, June 30,
1998, and September 30, 1998, all of which were filed on March 16, 1999. The Company filed
these amended disclosure documents in response to comments received from the Securities and
Exchange Commission in the course of its review of the Form S-3 Registration Statement filed in
November, 1998.
Management responded to Nasdaq's request for information by promptly providing information on
Friday and Monday, March 19 and March 22, 1999. As stated in a story entitled ''Nasdaq Market
Halts Trading In Fonix, Seeks Information'' in the March 20, 1999 edition of The Salt Lake
Tribune, Nasdaq made the following statement:
''Trading will remain halted until the company has satisfied our requests
for additional information,'' Nasdaq spokesman Mike Shokouhi said. ''These
sorts of trading halts are not unusual whenever we think a company needs
to put out more information.''
''I have seen trading halts last for a couple of hours to a couple of
months,'' Shokouhi said, indicating the length depends on how responsive a
company is in supplying the requested information.''
The Company is pleased that Nasdaq will immediately resume trading of its stock.
SOURCE: Fonix Corporation |
