Avistar Communications Corp. (AVSR) said it received notice from the Nasdaq Stock Market's Listing Qualifications Panel on April 2, 2009 granting the company an exception to the continued listing requirements of the Nasdaq Capital Market through June 22, 2009.
As per the terms of the exception, the company must demonstrate the ability to close above a $35 million market value for its listed securities for 10 consecutive trading days during the period from April 2, 2009 to June 22, 2009.
The company noted that it is obligated to inform the panel of material business developments that could influence its long-term compliance with the continued listing requirements of the capital market. The panel's decision is subject to review by the Nasdaq Listing and Hearing Review Council for a period of 45 days from the date of the determination letter.
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