A Melville maker of MRI medical diagnostic machines could soon lose its Nasdaq stock market listing, the company has told a federal regulator.
Fonar Corp. told the Securities and Exchange Commission that it got a letter last week from the Nasdaq saying it was in "non-compliance with the minimum stockholders' equity requirement of $2.5 million for continued listing on the NASDAQ Capital Market."
The Nasdaq learned of Fonar’s financial deficiency after the magnetic resonance imaging machine maker filed a required SEC form on Oct. 13 for the fiscal year ending June 30.
Also, the Nasdaq told Fonar, it "did not meet the alternatives of market value of listed securities or net income from continuing operations."
Nasdaq (an acronym for National Association of Securities Dealers Automated Quotations) gave Fonar 45 days to come up with a plan to improve its finances to avoid delisting.
Above left is Dr. Raymond Damadian, president and chief executive of FONAR Corp.stands in the new Stand-up MRI machine.
Read more of Inside Long Island Business