FONAR Notified by NASDAQ it Regained Compliance with All NASDAQ Capital Market Listing Standards
NEW YORK, May 17, 2011 - FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™, announced it has been notified by the NASDAQ Listing Panel that “the Company has met the requirements of the Panel’s decision dated March 17, 2011 and the applicable requirements for listing on The NASDAQ Stock Market.” Furthermore the notification indicated it was closing the matter.
As previously announced, on October 14, 2010, the Company received notice from the NASDAQ Listing Qualifications Staff that based upon the Company's non-compliance with the minimum $2.5 million stockholders' equity requirement as set forth in NASDAQ Listing Rule 5550(b)(1), the Company's securities were subject to delisting from The NASDAQ Capital Market.
At a hearing on February 24, 2011, the Company requested the continued listing of its securities on The NASDAQ Capital Market pursuant to an extension within which to regain compliance with the applicable minimum $2.5 million stockholders equity. The request was accepted by NASDAQ in a decision dated March 17, 2011.
On May 10, 2011, the Company filed its 10-Q for the quarter ended March 31, 2011, and issued a press release stating that it had succeeded in raising $6 million by May 2, 2011, which amount was more than sufficient to eliminate the stockholders’ deficiency of $781,000 as of March 31, 2011 and achieve compliance with the stockholders’ equity requirement of $2.5 million.
FONAR was incorporated in 1978, making it the first, oldest and most experienced MRI company in the industry. FONAR introduced the world’s first commercial MRI in 1980, and went public in 1981. Since its inception, nearly 300 recumbent-OPEN MRIs and 150 UPRIGHT® Multi-Position™ MRI scanners worldwide have been installed. FONAR’s stellar product line includes the Upright™ MRI (also known as the Stand-Up™ MRI), the only whole-body MRI that performs Position™ imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. The FONAR UPRIGHT® MRI often sees the patient’s problem that other scanners cannot because they are lie-down only. The patient-friendly UPRIGHT® MRI has a near zero claustrophobic rejection rate by patients. As a FONAR customer states, “If the patient is claustrophobic in this scanner, they’ll be claustrophobic
in my parking lot.” Approximately 85% of patients are scanned sitting while they watch a 42” flat screen TV. FONAR is headquartered on Long Island, New York.
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™, Multi-Position™, pMRI™, Dynamic™, Full Range of Motion™, True Flow™, The Proof is in the Picture™, Spondylography™, Spondylometry™ Landscape™, CSP™ and Upright Radiology™ are trademarks of FONAR Corporation.
This release may include forward-looking statements from the company that may or may not materialize. Additional information on factors that could potentially affect the company's financial results may be found in the company's filings with the Securities and Exchange Commission.