Posted 9/23/2009 09:15 am
Updated 11 months ago
Advanced Environmental Recycling Technologies Inc. of Springdale said Wednesday that the Nasdaq Listing Qualifications Panel has granted it an extension until Dec. 23 to regain full compliance in regard to minimum equity or net income.
AERT doesn't currently comply with Listing Rule 5550(b), which requires the company to have a minimum of $2.5 million in stockholders' equity or $35 million market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years. AERT presented a compliance plan to the panel on Aug. 6, and the panel decided AERT was diligently engaged in a reasonable effort on a number of fronts to regain compliance.
AERT also previously reported a deficiency for the minimum $1 bid price. If AERT does not achieve a closing bid price of $1 or above for a minimum of 10 consecutive trading days by Oct. 2, then it will seek input from Nasdaq and submit a plan to regain compliance.
On June 2 the company's shareholders authorized management to implement an up to 20-to-1 reverse stock split, if necessary, to regain compliance.
AERT has pioneered the use of recycled polyethylene plastic in the manufacture of composite building materials. It is the exclusive manufacturer of Weyerhaeuser ChoiceDek decking.