MERIDIAN WASTE SOLUTIONS, INC. (OTCMKTS:MRDN) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On August 24, 2017, Meridian Waste Solutions, Inc. (the “Company”) received a letter (the “Letter”) from the staff of the Nasdaq Capital Market (the “Exchange”) stating that, based on the Company’s financial statements at June 30, 2017, the Company is not in compliance with Listing Rule 5550(b)(1), which requires that a company’s stockholders’ equity be $2.5 million or more for continued listing (the “Stockholders’ Equity Requirement”). As of June 30, 2017, the Company had a stockholders’ deficit of $1,771,762, below the Stockholders’ Equity Requirement.
The Company must submit to the Exchange, by October 9, 2017, a plan advising of the actions the Company has taken or will take to again comply with the Stockholders’ Equity Requirement. If such plan is accepted, the Exchange can grant the Company an extension of up to 180 calendar days from the Letter to comply with the Stockholders’ Equity Requirement.
The Company’s stock will continue to be listed on the Nasdaq Capital Market while the Company works to regain compliance with the Stockholders’ Equity Requirement. The Company’s common stock will continue to trade under the symbol “MRDN” and the Company’s warrants issued to its January 2017 underwritten offering will continue to trade under the symbol “MRDNW”. The Company’s receipt of such notification from the Exchange does not affect the Company’s business, operations or reporting requirements with the U.S. Securities and Exchange Commission.
About MERIDIAN WASTE SOLUTIONS, INC. (OTCMKTS:MRDN)
Meridian Waste Solutions, Inc., formerly Brooklyn Cheesecake & Desserts Company, Inc., is an integrated provider of non-hazardous solid waste collection, transfer and disposal services in Missouri. The Company is primarily in the business of residential and commercial waste hauling and has contracts with various cities and municipalities. As of September 30, 2016, the Company, through its subsidiaries, provides solid waste collection services to approximately 65,000 industrial, commercial and residential customers in the Metropolitan St. Louis, Missouri area. The Company operates through Here To Serve Missouri Waste Division, LLC (HTSMWD), Here To Serve Georgia Waste Division, LLC (HTSGWD), Meridian Land Company, LLC (MLC), and Christian Disposal, LLC and subsidiary (CD). In addition, it rents waste containers and provides collection services to construction, demolition and industrial sites.
