American Learning Corporation Announces Voluntary Delisting From NASDAQ
JERICHO, N.Y., March 5, 2013
JERICHO, N.Y., March 5, 2013 /PRNewswire/ -- American Learning Corporation
(the "Company") (NASDAQ:ALRN) announced today its intention to voluntarily
delist its common stock from the NASDAQ Stock Market LLC ("NASDAQ"), in part
due to the Company's non-compliance with the minimum closing bid requirement
for continued listing on The NASDAQ Capital Market.
On October 10, 2012, the Company received a letter from NASDAQ stating that
for the prior 30 consecutive business days, the bid price of its common stock
had closed below the minimum $1.00 per share requirement for continued listing
on NASDAQ. The letter further stated that the Company had been provided a
period of 180 calendar days, or until April 8, 2013, to regain compliance.
The Company is currently not in compliance with such minimum bid price
The voluntary decision to delist from NASDAQ was taken following the Board of
Director's detailed review of numerous factors including: the aforementioned
NASDAQ letter, the applicable NASDAQ rules and regulations, the benefits
generated by the maintenance of the listing, the Company's current share
price, the feasibility of proceeding with a reverse stock split to maintain
the listing and the effect on the Company's share price to proceed with a
reverse stock split. The Board of Directors delegated authority to Gary
Gelman, President and Chief Executive Officer and a Director of the Company,
to make the decision to delist the Company's common stock from NASDAQ.
The Company intends to file Form 25 with the Securities and Exchange
Commission ("SEC") on or about March 15, 2013 to effect the voluntary
delisting of its common stock from NASDAQ. The official delisting of the
Company's common stock will become effective approximately ten days
thereafter. The Company will continue to file periodic reports with the SEC
pursuant to the requirements of Section 12(g) of the Securities Exchange Act
of 1934, as amended.
The Company is working with several market makers and anticipates that
following its NASDAQ delisting, ALRN's common stock will be quoted on the OTC
Bulletin Board ("OTCBB"), a centralized electronic quotation service for
over-the-counter securities operated by the NASDAQ OMX Group, Inc. The
Company expects that its common stock will continue to trade on the OTCBB so
long as a market maker demonstrates an interest in trading the common stock.
American Learning Corporation, through its wholly owned subsidiaries,
Interactive Therapy Group Consultants, Inc. and Signature Learning Resources,
Inc., offers a comprehensive range of services to children with developmental
delays and disabilities.
SOURCE American Learning Corporation
Contact: Gary J. Knauer, Chief Financial Officer, American Learning
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