Socket Mobile Inc. (SCKT: Quote) reported that it received a letter on May 21, 2012 from the Listing Qualifications Department of The NASDAQ Stock Market indicating that the Company fails to comply with the minimum stockholders' equity requirement of $2.50 million for continued listing on the NASDAQ Capital Market set forth in Marketplace Rule 5550(b)(1). The Company reported a stockholders' equity balance of $2,445,759 as of March 31, 2012.
The Company said it will submit a definitive plan to the NASDAQ Listing Qualifications Staff on or before July 5, 2012 describing its plans to regain compliance. If approved, the Staff may then grant the Company up to 180 days to execute the plan and return to compliance.
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by RTT Staff Writer
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