The letter further notified the Company that, in accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company will be provided 180 calendar days, or until August 30, 2010, to regain compliance with the minimum bid price requirement. Compliance will be achieved if the bid price per share of the Company's common stock closes at $1.00 per share or greater for a minimum of 10 consecutive trading days prior to August 30, 2010.
If the Company does not achieve compliance within the required period, the Nasdaq staff will provide written notification that the Company's securities are subject to delisting. In that event and at that time, the Company may appeal the Nasdaq staff delisting determination to a Nasdaq Listing Qualifications Panel. Alternatively, the Company may be eligible for an additional grace period if it meets the initial listing standards set forth in Marketplace Rule 5505, with the exception of bid price, for The Nasdaq Capital Market. If it meets the initial listing criteria, the Nasdaq staff will notify the Company that it has been granted an additional 180 calendar day compliance period. If the additional grace period is granted, the Company will be afforded the remainder of the second 180 calendar day compliance period in order to regain compliance with the Minimum Bid Price Rule.