WPCS INTERNATIONAL INCORPORATED (NASDAQ:WPCS) 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 December 19, 2016, WPCS International Incorporated (the “Company”) received a notification (the “Notification”) from the Nasdaq Listings Qualification Department (“Nasdaq”) indicating that the Company’s stockholders’ equity reported for its most recently completed fiscal quarter did not meet the minimum requirement of $2,500,000 for continued listing as set forth in Nasdaq’s Listing Rule 5550(b)(1). As reported in the Company’s Quarterly Report on Form 10-Q for the period ended October 31, 2016 filed with the Securities and Exchange Commission on December 15, 2016, the Company’s stockholders’ equity was $2,386,025 as of October 31, 2016.
Under the applicable Nasdaq rules, the Company has 45 calendar days to submit a plan as to how the Company would seek to regain compliance with this requirement. The Company is currently preparing such a plan, and is considering all available options to regain compliance. If the Company’s plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from the date of the Notification, or June 17, 2017, to evidence compliance. There can be no assurance that any plan submitted by the Company will be accepted by Nasdaq or will be successful in maintaining the Company’s listing on the Nasdaq Capital Market for its common stock. Any such failure may impact the liquidity and market price of the Company’s common stock and the Company’s access to the capital markets.
About WPCS INTERNATIONAL INCORPORATED (NASDAQ:WPCS)
WPCS International Incorporated (WPCS) is a low voltage contractor that specializes in the installation and service of voice and data networks, security systems, audio-visual solutions, and distributed antenna systems, and provides project management and delivers complex projects to vertical markets that include healthcare, education, transportation, energy and utilities, oil and gas, manufacturing, commercial real estate, financial and government. The Company specializes in low voltage communications, audio-visual and security contracting services, conducting business in approximately two operation centers, through its domestic subsidiaries, WPCS International-Suisun City, Inc. (Suisun City Operations) and WPCS International-Texas Operations, Inc. (Texas Operations). The Company also has strategic alliances with technology partners to provide consulting and application software development services for collaboration, visualization and unified communications. WPCS INTERNATIONAL INCORPORATED (NASDAQ:WPCS) Recent Trading Information
WPCS INTERNATIONAL INCORPORATED (NASDAQ:WPCS) closed its last trading session down -0.03 at 1.20 with 28,279 shares trading hands.