Nasdaq Grants VeriChip Corporation’s Request to Remain Listed on The Nasdaq Stock Market & to Transfer to The Nasdaq Capita...
29 5월 2009 - 9:30PM
Business Wire
VeriChip Corporation (NASDAQ:CHIP) (�VeriChip� or the �Company�)
announced today that it received notice from The Nasdaq Stock
Market on May 27, 2009, that the Nasdaq Hearings Panel has granted
the Company�s request to remain listed on The Nasdaq Stock Market
and to transfer to The Nasdaq Capital Market, effective May 29,
2009. The Company�s continued listing is subject to the following
condition: on or before September 1, 2009, the Company must
demonstrate compliance with all continued listing standards of The
Nasdaq Capital Market. The Company is confident that it can satisfy
this condition due to its expectation that it will book all or part
of a $4.5 million deferred gain on the sale of its former Xmark
subsidiary in July 2009, which will be additive to its
stockholders� equity. The transfer to The Nasdaq Capital Market
will be seamless to the Company�s stockholders.
As of today, other than the minimum bid price requirement of at
least $1 per share, which has been suspended until July 19, 2009,
due to market conditions, the Company does not meet the continued
listing standard of The Nasdaq Capital Market requiring
stockholders� equity of $2.5 million. As of March 31, 2009, the
Company�s stockholders� equity was $1.6 million. Upon booking the
above-referenced deferred gain, the Company�s stockholders� equity
will far exceed The Nasdaq Capital Market�s stockholders� equity
requirement of $2.5 million.
Scott R. Silverman, Chairman of VeriChip, commented, �Of course
this is great news for our stockholders. Maintaining our Nasdaq
listing is a key element of our business model moving forward. This
ruling and the anticipated receipt of the escrowed funds from the
Xmark sale will put us in compliance on this stockholders� equity
element for the foreseeable future.�
About VeriChip Corporation
VeriChip Corporation, headquartered in Delray Beach, Florida,
has developed the VeriMed� Health Link System for rapidly and
accurately identifying people who arrive in an emergency room and
are unable to communicate. This system uses the first
human-implantable passive RFID microchip, cleared for medical use
in October 2004 by the United States Food and Drug Administration.
VeriChip also announced the formation of its VeriGreen Energy
Corporation division, which will invest in the clean and
alternative energy sector, to complement its healthcare
division.
For more information on VeriChip, please call 1-800-970-2447, or
e-mail info@verichipcorp.com. Additional information can be found
online at www.verichipcorp.com.
Statements about VeriChip�s future expectations, including its
ability to record a substantial portion of the deferred gain on the
sale of Xmark in July of 2009, its ability to meet the Nasdaq�s
continued listing standards for the Nasdaq Capital Market as set
forth in Marketplace Rule 5550 and all other statements in this
press release other than historical facts are �forward-looking
statements� within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Litigation Reform Act of 1995.
Such forward-looking statements involve risks and uncertainties and
are subject to change at any time, and VeriChip�s actual results
could differ materially from expected results. Additional
information about these and other factors that could affect the
Company�s business is set forth in the Company�s various filings
with the Securities and Exchange Commission, including those set
forth in the Company�s 10-K filed on February 12, 2009, under the
caption �Risk Factors.� The Company undertakes no obligation to
update or release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this statement
or to reflect the occurrence of unanticipated events, except as
required by law.
Verichip (MM) (NASDAQ:CHIP)
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