Dynatronics Will Request Hearing with Nasdaq Regarding Listing Status
SALT LAKE CITY, Nov. 8, 2012
SALT LAKE CITY, Nov. 8, 2012 /PRNewswire/ -- Dynatronics Corporation (Nasdaq:
DYNT) today announced that on November 7, 2012, the Company received a Nasdaq
Staff Determination Letter indicating that the Company has not complied with
the $1.00 minimum bid rule for continued listing set forth in Listing Rule
5550(a)(2) and faces delisting from the Nasdaq Capital Market at the opening
of business on November 16, 2012, unless the Company requests an appeal of the
determination by the staff.
The Company will request an appeal of the delisting determination pursuant to
procedures available under the Nasdaq Listing Rules. The hearing panel is
authorized to grant additional time to regain compliance, if the panel deems
it appropriate. The Company's hearing request will stay the suspension of the
Company's securities pending the hearing and a final determination by the
panel. As part of its appeal, the Company will be required to provide the
panel with a plan to regain compliance. The Company's plan includes a
commitment to effect a reverse stock split, if necessary.
"We have filed a definitive proxy statement requesting shareholder approval
for a 1 for 5 reverse stock split to regain compliance," stated Kelvyn H.
Cullimore, Jr., chairman and president of Dynatronics. "With several positive
developments taking place at the Company, including the recently announced
introduction of our Dynatronics SolarisPlus product line and Quad7 products,
we believe Dynatronics has a strong future and will be granted the time under
our plan necessary to effect our reverse split in order to regain compliance
with the rule."
Dynatronics manufactures, markets and distributes advanced-technology medical
devices, orthopedic soft goods and supplies, treatment tables and
rehabilitation equipment for the physical therapy, sports medicine,
chiropractic, podiatry, plastic surgery, dermatology and other related
medical, cosmetic and aesthetic markets. More information regarding
Dynatronics is available at www.dynatronics.com.
SOURCE Dynatronics Corporation
Contact: Bob Cardon, Dynatronics Corp., 1-800-874-6251, +1-801-568-7000
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