OLD BRIDGE, NJ / ACCESSWIRE / December 10, 2020 / Blonder Tongue Laboratories, Inc. (NYSE American:BDR) introduced right this moment that it has acquired discover from NYSE American LLC (“NYSE American”) that it’s not in compliance with the continued itemizing normal set forth in Part 1003(a)(ii) of the NYSE American Firm Information (the “Firm Information”). That part applies if a listed firm has stockholders’ fairness of lower than $four million and has reported losses from persevering with operations and/or web losses in three of its 4 most up-to-date fiscal years. The Firm reported stockholders’ fairness of $2,614,000 as of September 30, 2020, the tip of its most up-to-date fiscal quarter, and has had losses from persevering with operations and/or web losses in every of its 5 most up-to-date fiscal years together with the fiscal 12 months ended December 31, 2019. This discover is along with the discover the Firm acquired from NYSE American on June 10, 2020, notifying the Firm that it was not in compliance with the continued itemizing normal set forth in Part 1003(a)(iii) of the Firm Information as a result of the Firm reported stockholders’ fairness of lower than $6 million as of March 31, 2020 and reported losses from persevering with operations and/or web losses in every of its 5 most up-to-date fiscal years ended December 31, 2019.
The Firm submitted an in depth monetary plan to regain compliance with the itemizing normal set forth in Part 1003(a)(iii) to NYSE American and on August 27, 2020, the Firm acquired discover that its plan had been accepted and that the Firm had been granted a plan interval by way of December 10, 2021. The December 10, 2021 deadline may even apply to the discover relating to noncompliance with Part 1003(a)(ii) of the Firm Information. Because of this, the Firm have to be in compliance with Part 1003(a)(ii) and Part 1003(a)(iii) by that deadline. Additional, the proposed plan submitted by the Firm and accepted by the NYSE American on August 27, 2020 included an expectation and anticipation of stockholder’s fairness falling beneath the $four million threshold earlier than enhancing to compliance earlier than the December 10, 2021 deadline.
The itemizing of the Firm’s frequent stock on NYSE American is being continued through the plan interval pursuant to an extension. Through the plan interval the Firm will probably be topic to periodic evaluation by NYSE Regulation employees, together with quarterly monitoring, to find out if the Firm is making progress in line with the plan. If the Firm isn’t in compliance with the continued itemizing requirements by December 10, 2021, or if NYSE Regulation determines that the Firm isn’t making ample progress in line with the plan, delisting proceedings will may be instituted towards the Firm, as acceptable.
As beforehand reported, due largely to the persevering with results of the COVID-19 pandemic, the Firm didn’t meet sure components of the near-term milestones included as a part of its compliance plan. Because of this, itIt is feasible that NYSE Regulation will decide that the Firm isn’t making ample progress in line with its compliance plan and may request that the Firm submit a revised plan or, in consequence, may provoke delisting proceedings. Though NYSE American has not but requested the Firm to submit a brand new or amended plan, the Firm has supplied NYSE American with an up to date compliance plan. The Firm can’t present assurance that it’s going to make ample progress to regain compliance with the itemizing requirements by December 10, 2021 or that or, that its up to date compliance plan will probably be accepted with out extra situations being imposed, or in any respect, or that delisting proceedings may not be instituted based mostly on the Firm not assembly sure components of its unique compliance plan and/or any revisions to the longer term failure to satisfy its up to date compliance plan. If delisting proceedings are instituted, the Firm would have the proper to attraction any delisting dedication.
Receipt of the discover doesn’t have an effect on the Firm’s enterprise, operations or reporting necessities with the Securities and Change Fee.
About Blonder Tongue
Blonder Tongue Laboratories, Inc. is the oldest designer and producer of telecommunications and cable tv video transmission know-how within the USA. Nearly all of our merchandise proceed to be designed and inbuilt our state-of-the-art New Jersey facility, which has been the Firm’s house for greater than 50 years. Blonder Tongue Labs gives U.S.-based engineering and manufacturing excellence with an trade popularity for delivering ultra-high reliability merchandise. As a pacesetter in cable tv system design, the Firm offers service operators and methods integrators with complete options for the administration and distribution of digital video, IPTV and high-speed information companies, in addition to RF broadband distribution over fiber, IP, and Coax networks for properties and companies. Extra data on the Firm and its merchandise will be discovered at www.blondertongue.com
“Secure Harbor” Assertion beneath the Non-public Securities Litigation Reform Act of 1995: The data set forth above consists of “forward-looking” statements and accordingly, the cautionary statements contained in Blonder Tongue’s Annual Report and Kind 10-Okay for the 12 months ended December 31, 2019 (See Merchandise 1: Enterprise, Merchandise 1A: Threat Elements, Merchandise 3: Authorized Proceedings and Merchandise 7: Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations), and different filings with the Securities and Change Fee are included herein by reference. The phrases “imagine”, “anticipate”, “anticipate”, “challenge”, “goal”, “intend”, “plan”, “search”, “estimate”, “endeavor”, “ought to”, “might”, “may” and related expressions are supposed to determine forward-looking statements. As well as, any statements that discuss with projections for our future monetary efficiency, our anticipated development tendencies in our enterprise and different characterizations of future occasions or circumstances are forward-looking statements. Readers are cautioned to not place undue reliance on these forward-looking statements, which mirror administration’s evaluation solely as of the date hereof. Blonder Tongue undertakes no obligation to publicly revise these forward-looking statements to mirror occasions or circumstances that come up after the date hereof. Blonder Tongue’s precise outcomes may differ from the anticipated outcomes or different expectations expressed in Blonder Tongue’s “forward-looking” statements.
Chief Monetary Officer
Chief Govt Officer
SOURCE: Blonder Tongue Laboratories, Inc.
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