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Vicon Industries shares fall after delisting notice

Vicon Industries video equipment in Mexico.

Vicon Industries video equipment in Mexico. Credit: State of Sinaloa, Mexico

Shares of Vicon Industries Inc. fell Thursday after the Hauppauge-based maker of video security systems disclosed that it had received a delisting notice from the NYSE American stock exchange.

The stock lost  16.9 percent to close at 30 cents Thursday after the company issued a news release and government filing following the close of trading on Wednesday.

Vicon shares have lost about 44 percent in the past 12 months.

 The NYSE American website said that Vicon was out of compliance because the value of its equity fell below $4 million and the company sustained "years of losses."

Vicon said its management is "pursuing options to address the deficiency and intends to submit a compliance plan" on or before the July 16 deadline set by the stock market.

The plan would provide a road map to regaining compliance by Dec. 16, 2019.

The NYSE American is a unit of Atlanta-based Intercontinental Exchange Inc.

In March, another Long Island company, Cemtrex Inc. took control of almost half of Vicon's outstanding stock, and that company's chief executive, Saagar Govil, also added the title of CEO at Vicon.

Shares of Farmingdale-based Cemtrex, a diversified technology company,  gained 1.4 percent to close Thursday at $2.23.

Among the places where the company's video surveillance and license-plate reading systems are used by law enforcement officials is the state of Sinaloa, known as the heartland of Mexico's drug cartels.

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