Enova Systems Inc. (ENA, ENV.L, ENVS.L) announced that, on April 17, 2012, it received notice from the NYSE Amex LLC indicating that the Company is not in compliance with one of the Exchange's continued listing standards.
Specifically, the Company is not in compliance with Section 1003(a) (iii) with stockholders' equity of less than $6 million and losses from continuing operations and/or net losses in five consecutive fiscal years.
Enova said that it has been afforded the opportunity to submit a plan of compliance to the Exchange by May 17, 2012 addressing how the Company intends to regain compliance with the continued listing standards of the Company Guide within a maximum of 18 months.
The Company is taking steps to prepare and submit such a plan to the Exchange on or before May 17, 2012. If the plan is accepted but the Company is not in compliance with the continued listing standards of the Company Guide by October 15, 2013 or if the Company is not making progress consistent with the plan during the Plan Period, the Company would become subject to delisting procedures in accordance with Section 1010 and Part 12 of the Company Guide.
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by RTT Staff Writer
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