Technical Communications Corporation (NASDAQ:TCCO) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
On July 16, 2019, Technical Communications Corporation (the “Company”) received notice from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) indicating that staff (“Staff”) had determined to deny the Company’s request for continued listing on The Nasdaq Capital Market.
Previously on June 25, 2019, the Company received notification from Nasdaq that because the Company failed to maintain a minimum of $2,500,000 in stockholders’ equity, and since the Company did not meet the alternatives of market value of listed securities or net income from continuing operations, the Company no longer complied with Listing Rule 5550(b) for continued listing (the “Rule”). to such notice, the Company was granted until July 8, 2019 to submit a plan to Nasdaq to regain compliance. The Company timely submitted such plan, but it was not accepted by Nasdaq.
According to the July 16, 2019 determination letter, trading of the Company’s common stock securities would be suspended from The Nasdaq Capital Market and the Company’s securities delisted from Nasdaq at the opening of business on July 25, 2019 unless the Company timely requested an appeal. On July 22, 2019 the Company timely submitted, and Nasdaq granted, a hearing before the Nasdaq Hearings Panel (the “Panel”), as a result of which the suspension of trading in the Company’s securities has been stayed until a final written decision by the Panel. The hearing before the Panel is scheduled for September 5, 2019. The Panel has the discretion to grant the Company an exception to the listing standard for a period not to exceed 180 days from the delisting determination to regain compliance with the Rule, suspend and delist the Company’s securities, or find the company in compliance with all listing standards.
| Exhibits. Not applicable. |
About Technical Communications Corporation (NASDAQ:TCCO)
Technical Communications Corporation (TCC) is engaged in the design, development, manufacture, distribution, marketing and sale of communications security devices, systems and services. The Company’s products consist of electronic devices that enable users to transmit information in an encrypted format and permit recipients to reconstitute the information in a deciphered format if the recipient possesses the right decryption key. The Company’s products consist primarily of voice, data and facsimile encryptors. Its products can be used to protect confidentiality in communications between radios, telephones, mobile phones, facsimile machines and data network equipment over wires, fiber optic cables, radio waves, and microwave and satellite links. The principal markets for the Company’s products are foreign and domestic governmental agencies, law enforcement and military agencies, financial institutions, and multinational companies requiring protection of mission-critical information.
