September 19, 2008
PLC Systems Faces Delisting
Franklin medical device company PLC Systems has received a notice from the American Stock Exchange saying it could be delisted, the company announced today.
The notice said the company fell out of compliance with the exchange's rules because its shareholders' equity was less than $4 million as of June 30 and it incurred losses from continuing operations and net losses in three of its four most recent fiscal years.
PLC has until Oct. 17 to submit a plan demonstrating its ability to regain compliance with listing standards by March of 2010. If it does not submit a plan, or if AMEX doesn't accept its plan, the company will be subject to delisting procedures.
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