Print
Email
Print Edition StoriesImplant Sciences Corp. reports it has received notice from the New York Stock Exchange of plans to delist the company’s stock from its Amex exchange, a day after settling a lawsuit with Evans Analytical Group LLC.
The NYSE found that Implant (Amex: IMX) was not in compliance with several of its regulations. Wilmington-based Implant said it has filed an appeal. Implant said it plans to have its stock quoted and available for trade on the Over-The-Counter Bulletin Board in case its appeal fails.
The lawsuit involved the sale by Implant Sciences of the assets of its subsidiary, Accurel Systems International, to Evans Analytical Group. Under the settlement, money will be disbursed to both Evans Analytical Group and Implant Sciences from an escrow fund created at the time of the closing of the initial 2007 transaction, as well as the issuance of convertible preferred stock to Evans.
Last month, Implant received notice from the NYSE Alternext exchange of its impending common stock delisting. In response, Implant Sciences appealed the delisting.
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.
RSS Feeds
Comments
Please Login/Register to post comments.
No comments have been added or approved.