UNIVERSAL SECURITY INSTRUMENTS, INC. (NYSEMKT:UUU) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On November 22, 2016, Universal Security Instruments, Inc. (the
Company) received a letter from NYSE MKT LLC (the Exchange)
stating that the Exchange has determined that the Company is not
in compliance with Sections 134 and 1101 of the Exchanges Company
Guide (the Company Guide) due to the Companys failure to timely
file its Quarterly Report on Form 10-Q for the quarter ended
September 30, 2016 with the Securities and Exchange Commission
(the SEC). The letter also states that the Companys failure to
timely file such Quarterly Report on Form 10-Q is a material
violation of its listing agreement with the Exchange and,
therefore, to Section 1003(d) of the Company Guide, the Exchange
is authorized to suspend and, unless prompt corrective action is
taken, remove the Companys securities from the Exchange.
The Exchange has informed the Company that, in order to maintain
its listing on the Exchange, the Company must, by December 22,
2016, submit a plan of compliance (the Plan) addressing how it
intends to regain compliance with Sections 134 and 1101 of the
Company Guide by February 22, 2017 (the Plan Period). If the
Companys Plan is accepted by the Exchange, then the Company will
be able to continue its listing during the Plan Period, during
which time the Company will be subject to periodic review to
determine whether it is making progress consistent with the Plan.
If the Company does not submit a Plan, or if the Companys Plan is
not accepted by the Exchange, then the Company will be subject to
delisting proceedings. Furthermore, if the Plan is accepted by
the Exchange, but the Company is not in compliance with the
continued listing standards of the Company Guide by February 22,
2017, or if the Company does not make progress consistent with
the Plan during the Plan Period, then the Exchange staff will
initiate delisting proceedings as appropriate. The Company is
working diligently to file the late Quarterly Report on Form 10-Q
and regain compliance with the Company Guide, and currently
anticipates that the late filing will be made by December 9,
2016.
On November 23, 2016, the Company issued a press release
announcing its receipt of the letter from the Exchange. A copy of
the press release is included as Exhibit 99.1 to this Current
Report on Form 8-K.
| Item 9.01. | Financial Statements and Exhibits. |
(c)Exhibits
The following exhibits are filed herewith:
Exhibit No.
| 99.1 | Press Release dated November 23, 2016 |
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About UNIVERSAL SECURITY INSTRUMENTS, INC. (NYSEMKT:UUU)
Universal Security Instruments, Inc. designs and markets a range of safety products. The Company’s safety products consist of smoke alarms, carbon monoxide (CO) alarms and related products. It also markets products to the electrical distribution trade through its subsidiary, USI Electric, Inc. It markets a range of residential smoke and CO alarms under the trade names, UNIVERSAL and USI Electric. Its line of safety alarms consists of units powered by replaceable batteries, 10-year sealed batteries, and electrical with battery backup alarms. Its replaceable battery products contain different types of batteries with different battery lives and some with alarm silencers. The smoke alarms marketed to the electrical distribution trade also include hearing impaired and heat alarms with a range of features. It also markets door chimes and ventilation products. The Company sells its products to various retailers, including wholesale distributors, chain, discount and television retailers. UNIVERSAL SECURITY INSTRUMENTS, INC. (NYSEMKT:UUU) Recent Trading Information
UNIVERSAL SECURITY INSTRUMENTS, INC. (NYSEMKT:UUU) closed its last trading session 00.00 at 3.30 with 14,955 shares trading hands.