Applied Imaging may be delisted from Nasdaq SmallCap Market

By Angela McDaniels

Seattle, Nov. 23 - Applied Imaging Corp. said it had received a notice from The Nasdaq Stock Market that its securities may be delisted the Nasdaq SmallCap Market due to noncompliance with rules for minimum stockholders' equity.

Nasdaq rules require the company to have one a minimum of $2.5 million in stockholders' equity, $35 million market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three last fiscal years.

The company said its stockholders' equity was $2,040,000, as of Sept. 30.

The Nasdaq staff is reviewing the company's eligibility for continued listing. The company must provide a plan to achieve and maintain compliance with Nasdaq's listing requirements on or before Dec. 5.

If Nasdaq believes the plan does not adequately address the deficiency issue, Nasdaq will notify the company that its securities will be delisted from Nasdaq.

The company may then appeal the decision to a Nasdaq Listing Qualification Panel.

Applied Imaging, based in San Jose, Calif., develops scanning and image analysis systems for conventional (brightfield) and fluorescent microscopic analysis of cellular and tissue specimens.

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