FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning, today
announced that on January 11, 2011, the Company received a
determination letter from the Listing Qualifications Staff of The
NASDAQ Stock Market LLC (the "Staff Determination") notifying the
Company that, based upon the Company's non-compliance with the $2.5
million stockholders' equity requirement set forth in NASDAQ Listing
Rule 5550(b) as of January 7, 2011, the Company's securities were
subject to delisting from The NASDAQ Capital Market unless the Company
requests a hearing before the NASDAQ Listing Qualifications Panel (the
"NASDAQ Panel").
The Company plans to timely request a hearing before the NASDAQ Panel,
which will stay any action with respect to the Staff Determination
until the Panel renders a decision subsequent to the hearing. There
can be no assurance that the Panel will grant the Company's request
for continued listing.
As previously announced, on October 14, 2010, the Company received
notice from the NASDAQ Listing Qualifications Staff that its
stockholders' equity was below the minimum requirement for continued
listing on The NASDAQ Capital Market. Pursuant to the Listing Rules,
the Company requested and was granted an extension, through January 7,
2011. The Company did not meet the terms of the extension by January
7, 2011, which resulted in the issuance of the Staff Determination.
For investor and other information visit: www.fonar.com
(http://www.fonar.com) .
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.