StockerYale in Nasdaq compliance
StockerYale is now in compliance with Nasdaq rules that could have resulted in its delisting from the stock exchange, the Salem-based company asserted Wednesday in a filing with the Securities and Exchange Commission.
StockerYale’s purchase of Photonic Products on Oct. 31 increased stockholders’ equity from $9.6 million to $13.7 million, passing the $10 million needed to stay on the exchange, according to a previous company disclosure. That filing, for the first time, included audited financial information from Photonic.
Two weeks after StockerYale purchased the British-based company for $9.5 million, Nasdaq issued a warning that it would delist StockerYale unless it came up with a plan to increase its equity.
As a result of the acquisition, “the company agrees that it has regained compliance” and the financial filing demonstrates that compliance.
Nasdaq will still monitor StockerYale, the company said, and if the exchange deems that StockerYale is still not in compliance, it might still be subject to delisting. – BOB SANDERS