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Saturday, Sep 23, 2023

North American Appeals Delisting

A hearing takes place next month in which North American Scientific Inc. will appeal The NASDAQ Stock Market’s decision to de-list the company. North American recently received notice from NASDAQ that it was being de-listed because it failed to regain compliance after shares fell below $1. The company had an April 2 deadline to raise the price of its stock. North American’s common stock will remain quoted on The NASDAQ Capital Market pending the outcome of the appeal. But, the Chatsworth-based radiation therapy provider will have to submit a plan to the NASDAQ Listing Qualifications Panel by May 2. According to NASDAQ its panels have historically viewed a near-term reverse stock split as an acceptable definitive plan to resolve a bid price deficiency. North American’s plan will include a one share for five share reverse stock split.

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