Cash Systems, Inc. Announces Receipt of Noncompliance Notices from NASDAQ
03 Mai 2008 - 2:24AM
Business Wire
Cash Systems, Inc. (NASDAQ: CKNN), a provider of cash access
solutions for the gaming industry, today announced that it received
a letter from The NASDAQ Stock Market (�NASDAQ�) on May 1, 2008
indicating that the Company failed to comply with the minimum bid
price requirement for continued listing set forth in Marketplace
Rule 4450(a)(5) because the bid price of its common stock closed
under $1.00 for the last 30 consecutive business days, and a letter
from NASDAQ on May 2, 2008 indicating that the Company�s common
stock has not maintained a minimum market value of publicly held
shares of $15,000,000 as required for continued listing by
Marketplace Rule 4450(b)(3). The NASDAQ letters have no effect on
the listing of the Company�s common stock at this time. In
accordance with NASDAQ Marketplace Rule 4450(e)(2), the Company
will be provided 180 calendar days, or until October 28, 2008, to
regain compliance with the minimum bid price requirement. To regain
compliance with this requirement, the closing bid price of the
Company�s common stock must remain at or above $1.00 per share for
a minimum of 10 consecutive business days on or before October 28,
2008. In accordance with NASDAQ Marketplace Rule 4450(e)(1), the
Company will be provided 90 calendar days, or until July 31, 2008,
to regain compliance with the minimum market value of publicly held
shares. To regain compliance with this requirement, the Company�s
minimum market value of publicly held shares must trade at
$15,000,000 or more for ten consecutive trading days before July
31, 2008. Should the Company not be able to demonstrate compliance
with Marketplace Rule 4450(e)(1) by July 31, 2008 or with
Marketplace Rule 4450(a)(5) by October 28, 2008, the NASDAQ staff
will provide written notification that the Company�s common stock
will be delisted. At that time, the Company may appeal the staff�s
determination to delist its common stock to a Listing
Qualifications Panel. Alternatively, the Company could apply to
transfer its common stock to The NASDAQ Capital Market if it
satisfies all requirements, other than the minimum closing bid
price requirement, for initial inclusion set forth in Marketplace
Rule 4310(c). If such an application is approved and the Company
otherwise maintains compliance with the listing requirements for
The NASDAQ Capital Market, the Company would be afforded an
additional 180 calendar days to regain compliance with the minimum
closing bid price requirement while listed on The NASDAQ Capital
Market. About Cash Systems, Inc. Cash Systems, Inc., located in Las
Vegas, with additional offices in San Diego and Minneapolis, is a
provider of cash-access and related services to the retail and
gaming industries. Cash Systems' products include its proprietary
cash advance systems, ATMs and check cashing solutions. Please
visit http://www.cashsystemsinc.com for more information.
Forward-Looking Statements This press release may contain
forward-looking statements, including the Company's beliefs about
its business prospects and future results of operations. These
statements involve risks and uncertainties. Among the important
additional factors that could cause actual results to differ
materially from those forward-looking statements are risks
associated with the overall economic environment, the successful
execution of the Company's plan of operation, changes in the
Company's anticipated earnings, continuation of current contracts,
gaming and other applicable regulations, and other factors detailed
in the Company's filings with the Securities and Exchange
Commission, including its most recent Forms 10K and 10Q. In
addition, the factors underlying Company forecasts are dynamic and
subject to change and therefore those forecasts speak only as of
the date they are given. The Company does not undertake to update
any forecasts that it may make available to the investing public.
Cash Systems (MM) (NASDAQ:CKNN)
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