APPLIANCE RECYCLING CENTERS OF AMERICA, INC. (NASDAQ:ARCI) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item3.01. Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
| (a) |
On May 31, 2017, Appliance Recycling Centers of America, Inc. (the Company) received a letter (Notice) from The Nasdaq Stock Market (Nasdaq) notifying the Company that, because the closing bid price for its Common Stock has been below $1.00 per share, it no longer complies with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. Nasdaq Marketplace Rule 5550(a)(2) requires a minimum bid price of $1.00 per share (the Minimum Bid Price Requirement). Based on the closing bid price of the Companys Common Stock for the 30 consecutive business days prior to the date of Nasdaqs letter, the Company does not meet the Minimum Bid Price Requirement. |
The Notice has no immediate effect on the listing of the Common
Stock on The Nasdaq Capital Market. to Nasdaq Marketplace Rule
5810(c)(3)(A), the Company has been provided an initial
compliance period of 180 calendar days, or until November 27,
2017, to regain compliance with the Minimum Bid Price
Requirement. The Notice further provides that, if at any time
before November 27, 2017, the closing bid price of the Common
Stock is at least $1.00 per share for a minimum of 10 consecutive
business days, Nasdaq will provide written confirmation stating
that the Company has achieved compliance with the Minimum Bid
Price Requirement.
The Notice also provides that, if the Company does not regain
compliance with the Minimum Bid Price Requirement by November 27,
2017, it may be eligible for additional time. To qualify for
additional time, the Company will be required to meet the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the Minimum Bid Price
Requirement, and provide written notice of its intention to cure
the minimum bid price deficiency during the second compliance
period. If the Company meets these requirements, it will be
granted an additional compliance period of 180 calendar days to
regain compliance with the Minimum Bid Price Requirement. If the
Nasdaq staff determines that the Company will not be able to cure
the deficiency, or if the Company is otherwise not eligible for
such additional compliance period, Nasdaq will provide notice
that the Companys Common Stock will be subject to delisting. The
Company would have the right to appeal a determination to delist
its Common Stock, and the Common Stock would remain listed on The
Nasdaq Capital Market until the completion of the appeal process.
The Company intends to actively monitor the bid price for its
Common Stock between now and November 27, 2017, and will consider
available options to regain compliance with the Minimum Bid Price
Requirement.
About APPLIANCE RECYCLING CENTERS OF AMERICA, INC. (NASDAQ:ARCI)
Appliance Recycling Centers of America, Inc. is engaged in the business of selling and recycling household appliances in North America. The Company has two segments: recycling and retail. The Company sells household appliances in the United States though its chain of Company-owned retail stores, operating under the name ApplianceSmart. Its recycling segment focuses on collecting, recycling and installing appliances for utilities and other customers. Its recycling segment focuses on the agreement with General Electric (GE). Its retail segment focuses on the sale of appliances through ApplianceSmart stores. It is a household appliance retailer with product categories, including commonly available appliances, and offerings, such as close-outs, factory overruns, discontinued models and special-buy appliances, including out-of-carton merchandise and others. It offers extended warranties, appliance delivery, factory-trained technician service and recycling of customers’ replaced appliances. APPLIANCE RECYCLING CENTERS OF AMERICA, INC. (NASDAQ:ARCI) Recent Trading Information
APPLIANCE RECYCLING CENTERS OF AMERICA, INC. (NASDAQ:ARCI) closed its last trading session 00.000 at 0.760 with 75,739 shares trading hands.