Nasdaq to delist MRI maker Fonar Corp.
Fonar
The Nasdaq stock exchange has decided to delist Fonar Corp., of Melville, because of the MRI maker's "non-compliance with the minimum stockholders' equity requirement of $2.5 million."
Fonar has the right to appeal the decision and will do so, the company said in a Friday news release.
Fonar is listed on the Nasdaq's Capital Market, the exchange's lowest-level category, intended for companies seeking infusions of investor capital.
The Nasdaq’s listing qualifications panel will consider Fonar’s planned appeal.
The delisting follows an Oct. 14 Nasdaq warning that Fonar had until Jan. 7 to raise its market capitalization above the $2.5-million level, and to keep it there for an extended period of consecutive trading days. When Fonar failed to do so, the Nasdaq made its decision and on Jan. 11 sent Fonar the delisting notice.
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