AERT Gets 6-Month Extension on Nasdaq Listing

by Arkansas Business Staff  on Thursday, Jun. 19, 2008 9:21 am  

Advanced Environmental Recycling Technologies Inc. of Springdale said the Nasdaq Stock Market had granted it a six-month extension until December 18 to regain full compliance with the $1 minimum bid price of its Class A common stock.

Nasdaq said AERT continues to meet two of the three separate tests to qualify for continued listing while being deficient on its minimum price per share.

"We have continued to share our objective and commitment to grow the company and build shareholder value," said AERT chairman Joe G. Brooks, "and Nasdaq's extension will allow AERT to continue these efforts while remaining on the exchange and having our stock available for trading by the broad Nasdaq investment community."

AERT's shares, which had traded as high as $1.30 in February, fell to under $1 on the news that it was being named as a defendant in a product litigation lawsuit.

In early morning trading Thursday, the price per share was 53 cents.

The company said it didn't believe a reverse split of the stock would be necessary to meet the $1 share price listing requirement, but it has filed a proxy statement that includes shareholder approval of a reverse split to protect the Nasdaq listing if the stock price does not climb back over $1 on its own.

AERT also said it has extended and expanded its relationship with The Birkhill Group LLC, the Wall Street merchant banking firm that has provided financial and institutional relations services for the past several months.

 

 

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