NYSE Extends Compliance Period for Inuvo

by Luke Jones  on Tuesday, Apr. 22, 2014 4:00 pm  

Inuvo Inc. of Conway announced Tuesday that its deadline to comply with New York Stock Exchange standards has been extended to May 30.

According to a news release, the original deadline was Thursday, when the company will also be releasing its first quarter 2014 financial results.

The company was notified in November 2012 that it was out of compliance with listing standards because its stockholder equity was less than $6 million and the company had posted net losses in its five most recent fiscal years.

Inuvo drafted a plan for regaining compliance in December 2012 and it was approved in February 2013. The deadline was eventually extended from December 2013 to April 2014.

Part of that plan involved the company's move to Arkansas.

In September 2013, CFO Wallace Ruiz said he wasn't concerned about the issue, pointing out that net income has since become positive and the shareholder threshold subsequently dropped to $4 million.

"We're feeling pretty confident about meeting the listing standards and coming back to compliance," he said.

The release noted that Inuvo will be "subject to periodic review" until the May 30 threshold is crossed.

 

 

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