Contact Information: Contact: Daniel Culver FONAR Corporation Tel: 631-694-2929 Fax: 631-390-1709 http://www.fonar.com
FONAR Granted Continued Listing by NASDAQ Panel
| Source: FONAR Corporation
MELVILLE, NY--(Marketwire - December 1, 2008) - FONAR Corporation (NASDAQ : FONR ), the Inventor
of MR Scanning™, today announced that The NASDAQ Listing Qualifications
Panel ("NASDAQ Panel") has granted the Company's request for continued
listing on The NASDAQ Capital Market, subject to the condition that, on or
before January 15, 2009, the Company file a Current Report on Form 8-K with
the Securities and Exchange Commission, evidencing the Company's compliance
with the NASDAQ shareholders' equity requirement of $2.5 million, or
demonstrating its compliance with one of the alternative listing criteria.
While the Company is taking steps to comply with the terms of the NASDAQ
Panel decision, there can be no assurance that the Company will be able to
do so.
In its decision, the NASDAQ Panel also determined that the Company had
regained compliance with NASDAQ's proxy solicitation and annual meeting
requirements, as set forth in Marketplace Rules 4350(g) and 4350(e),
respectively. The Company solicited proxies and subsequently held a
combined annual meeting for the current and prior fiscal years on November
17, 2008. Notwithstanding, the NASDAQ Panel issued a reprimand to the
Company for failure to timely solicit proxies and to hold the annual
meeting for the prior fiscal year.
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR
Scanning™, Multi-Position™, The Proof is in the Picture™, Full
Range of Motion™, pMRI™, Dynamic™, True Flow™,
Spondylography™ and Spondylometry™ are trademarks of FONAR
Corporation.
This release may include forward-looking statements from the company that
may or may not materialize. Additional information on factors that could
potentially affect the company's financial results may be found in the
company's filings with the Securities and Exchange Commission.