Monday, February 9, 2009

Implant Sciences stock headed for NYSE delisting

By Mass High Tech staff

Implant Sciences Corp., a Wilmington maker of sensors for the defense and homeland security markets, announced that it has received notice from the New York Stock Exchange Alternext US LLC of its impending common stock delisting. In response, Implant Sciences has appealed the delisting.

NYSE Alternext determined a reverse stock split would be in order to counteract the company’s low stock share price.

Per NYSE regulations, the delisting will be stayed until the outcome of Implant Sciences’ appeal is determined. If its stock is delisted, Implant Sciences officials have said that they expect its stock will be listed or traded on alternative markets.

The company moved its headquarters from Wakefield to a 23,000 square-foot facility at 600 Research Drive in Wilmington at the end of 2008. The move will give the company an annual cost savings of about 50 percent by moving.

In December, Implant Sciences announced it had raised $5.6 million in a note and warrant sale with DMRJ Group LLC. As a condition of the financing, Implant agreed to replace two members of its board of directors — former SatCon Technology Corp. CEO David Eisenhaure and Michael Szycher — with directors chosen by DMRJ. Implant also issued DMRJ a five-year warrant to purchase one million shares of its common stock at an initial exercise price of 26 cents per share.