LightPath Technologies Announces Notification From Nasdaq Relating to Minimum Stockholders' Equity
22 Mayo 2009 - 3:00PM
Marketwired
LightPath Technologies, Inc. (NASDAQ: LPTH), a manufacturer and
integrator of families of precision molded aspheric optics,
GRADIUM� glass products, and high-performance fiber-optic
collimators and isolators, today announced that it received a
letter, dated May 19, 2009, from The NASDAQ Listing Qualifications
of The NASDAQ Stock Market, LLC notifying LightPath Technologies
that based on its Quarterly Report on Form 10-Q for the period
ended March 31, 2009, Nasdaq has determined that LightPath's
stockholders' equity does not comply with the minimum $2.5 million
stockholders' equity requirement for continued listing on The
Nasdaq Capital Market set forth in Marketplace Rule 4310(c)(3). The
Nasdaq staff is reviewing LightPath's eligibility for continued
listing on The Nasdaq Capital Market and has asked the Company to
provide, on or before June 4, 2009, a specific plan to achieve and
sustain compliance with all of the Nasdaq Capital Market listing
requirements, including a time frame for completion of the plan.
The Company intends to respond formally to the Nasdaq request for a
plan on or before the June 4, 2009 deadline.
Jim Gaynor, President & Chief Executive Officer of
LightPath, commented, "Our objective remains clear going forward as
we have focused on growing our revenues in new markets and with new
products while continuing to streamline our business and maintain
high quality products and excellent service to our customers. We
will be taking the necessary steps to address our Nasdaq listing
deficiency and will prepare a formal strategy to meet the
requirements specified by the Nasdaq exchange in order to maintain
our full listing."
About LightPath Technologies
LightPath manufactures optical products including precision
molded aspheric optics, GRADIUM� glass products, proprietary
collimator assemblies, laser components utilizing proprietary
automation technology, higher-level assemblies and packing
solutions. LightPath has a strong patent portfolio that has been
granted or licensed to us in these fields. LightPath common stock
trades on the Nasdaq Capital Market under the stock symbol LPTH.
For more information visit www.lightpath.com
This news release includes statements that constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
This information may involve risks and uncertainties that could
cause actual results to differ materially from such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, factors detailed by
LightPath Technologies, Inc. in its public filings with the
Securities and Exchange Commission. Except as required under the
federal securities laws and the rules and regulations of the
Securities and Exchange Commission, we do not have any intention or
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contacts: LightPath Technologies, Inc. Jim Gaynor President
& CEO or Dorothy Cipolla CFO +1 (407) 382-4003 Email Contact
Alliance Advisors, LLC Mark McPartland Vice President +1 (914)
669-0222 Email Contact
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