InfoLogix, Inc. (Nasdaq: IFLG), a leading technology provider of enterprise mobility solutions for the healthcare and commercial industries, today announced that it received a deficiency letter, dated September 16, 2009, from the NASDAQ Stock Market stating that based on the closing bid price of the company's listed securities for the last 30 consecutive business days, InfoLogix no longer meets the minimum $1.00 per share requirement for continued listing on The NASDAQ Capital Market under Marketplace Rule 5550(a)(2). Under Marketplace Rule 5810(c)(3)(A), InfoLogix has a grace period of 180 calendar days, or until March 15, 2010, in which to regain compliance with the minimum bid price rule.
If at any time before March 15, 2010, the bid price of the company's securities closes at $1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ stated that it will notify InfoLogix that it has achieved compliance with the minimum bid price rule and the matter will be closed. If InfoLogix does not regain compliance with the minimum bid price rule before March 15, 2010, NASDAQ stated that it will provide InfoLogix with written notice that its securities are subject to delisting. At that time, InfoLogix may appeal NASDAQ's determination to a NASDAQ Listing Qualifications Panel, which would stay any further delisting action by NASDAQ pending a final decision by the panel. Alternatively, NASDAQ stated that InfoLogix may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price, for The NASDAQ Capital Market. NASDAQ further stated that if InfoLogix meets the initial listing criteria, the NASDAQ staff will notify InfoLogix that it has been granted an additional 180 calendar day compliance period.
InfoLogix will attempt to regain compliance with NASDAQ's minimum bid price rule, but there can be no assurance that it will be able to do so.
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