Star Buffet, Inc. Files Form 8-K Regarding Compliance With NASDAQ Listing Rules and Minimum Bid Price
29 Décembre 2010 - 1:00AM
Star Buffet, Inc. (Nasdaq:STRZ) today filed a Form 8-K with the
Securities and Exchange Commission regarding two letters received
from the NASDAQ Stock Market ("NASDAQ") on December 22, 2010. In
the first letter, NASDAQ indicated that the Company was not in
compliance with the NASDAQ Listing Rule 5250 (c) (1) for Continued
Listing as a result of its failure to file its report on Form 10-Q
for the period ended November 1, 2010. According to NASDAQ
regulations, the Company has 60 calendar days from December 22,
2010 to submit a plan to regain compliance. Filing the Company's
report on Form 10-Q for the quarter ending November 1, 2010 is the
principal component of the plan.
In a second letter received by the Company, NASDAQ stated that
the minimum bid price of the Company's common stock has been below
$1.00 per share for 30 consecutive business days and that the
Company therefore is not in compliance with the minimum bid price
requirement for Continued Listing set forth in Marketplace Rule
5550(a)(2). The notification of noncompliance has no
immediate effect on the listing or trading of the Company's common
stock on the NASDAQ Capital Market.
The Company has been provided 180 calendar days, or until June
20, 2011, to regain compliance with the minimum bid price
requirement. To regain compliance, the closing bid price of
the Company's common stock must meet or exceed $1.00 per share for
at least ten consecutive business days during this 180-day grace
period.
About Star Buffet
Star Buffet is a multiconcept restaurant operator. As of
December 28, 2010, Star Buffet, through its subsidiaries, operates
seven 4B's restaurants, five JB's restaurants, five Barnhill's
Buffet restaurants, four franchised HomeTown Buffets, three K-BOB'S
Steakhouses, two Casa Bonita Mexican theme restaurants, two Whistle
Junction restaurants, one BuddyFreddys restaurant, one Western
Sizzlin restaurant, one Holiday House restaurant, one JJ North's
Grand Buffet, one Pecos Diamond Steakhouse and one Bar-H
Steakhouse.
CONTACT: Star Buffet, Inc.
Robert E. Wheaton, President, CEO
(480) 425-0397
Star Buffet (CE) (USOTC:STRZ)
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