Much like the previous intraday trading, the post-closing session recorded another round of major movers. As you’ll see, the contrast for others is that there was no imminent news or catalysts to worry about. Blonder Tongue Laboratories, Inc. (NYSE:BDR) shares took the aerial route in the after-hours as it rose 64.14% to $2.38 on no major update!
However, the company confirmed on December 10, 2020, that it had obtained a notice from NYSE American LLC that it does not agree with the continued listing standard set out in the NYSE American Company Guide in Section 1003(a)(ii).
The segment applies if a public company has fewer than $4 million in stockholders’ equity. In three of the four most recent fiscal years, it has registered losses from continued activities and/or net losses.
As of September 30, 2020, the conclusion of its most recent fiscal year, the corporation registered stockholders’ equity of $2,614,000 and had losses from continued activities and/or net losses in three of the five most recent fiscal years, including the fiscal year ended December 31, 2019.
In addition to the notification obtained from NYSE American on June 10, 2020, this notice advises the Corporation that it did not comply with the continued listing standard set out in Section 1003(a)(iii) of the Company Guide since, as of March 31, 2020, the Company registered equity of stockholders of less than $6 million and reported losses from ongoing operations and/or net losses.
The Company submitted a comprehensive financial proposal to NYSE American to restore compliance with the listing standard set out in Section 1003(a)(iii), and the Company obtained notification on August 27, 2020, that its plan had been approved and that a plan period had been extended to the Company until December 10, 2021.
Also, the draught proposal presented by the Company and accepted on August 27, 2020, by the NYSE American included an assumption and expectation of stockholder equity slipping below the $4 million marks until improving enforcement before the deadline of December 10, 2021.