Posted 10/13/2009 12:49 pm
Updated 1 year ago
Advanced Environmental Recycling Technologies Inc. of Springdale said Tuesday that Nasdaq staff has determined that it had not regained compliance with Listing Rule 5550(a)(2) even with an extended compliance period that ended Oct. 2.
Listing Rule 5550(a)(2) says a company must maintain a minimum price bid of at least $2 a share. On Tuesday afternoon, the stock was trading at 49 cents a share.
The letter said AERT could present its views regarding the deficiency to a Hearings Panel, as previously offered in regard to the company's minimum equity or net income deficiency.
"AERT appreciates the willingness of the panel to work with the company through this very difficult economic period. The company understands and respects the rules and will submit its updated plan to the Nasdaq Listing Qualifications Panel," saod AERT CEO Joe Brooks.
AERT has pioneered the use of recycled polyethylene plastic in the manufacture of composite building materials.