Biometric provider, Saflink, received notice from NASDAQ that the company would be delisted from the exchange on Dec. 21 because the share price had fallen below $1.00 for 30 consecutive days. Saflink intends to appeal the ruling which would postpone delisting at least until the hearing is completed.
Saflink Receives NASDAQ Delisting Notice
KIRKLAND, Wash., Dec. 18 /PRNewswire-FirstCall/ – Saflink(R) Corporation (NASDAQ:SFLK) , a leading provider of solutions for secure access, identity assurance and productivity, announced today that it received a letter from Nasdaq on December 12, 2006, indicating that Saflink has not regained compliance with the minimum bid price requirement as set forth in Marketplace Rule 4310(c)(4) and, as a result, Nasdaq has determined to delist Saflink securities from the Nasdaq Capital Market.
On December 16, 2005, Saflink received a Nasdaq staff deficiency letter indicating that it was not in compliance with the $1.00 per share minimum closing bid price requirement for continued listing on the Nasdaq Capital Market because the bid price of Saflink common stock closed below $1.00 per share for 30 consecutive business days. Therefore, in accordance with Marketplace Rule 4310(c)(8)(D), Saflink was provided 180 calendar days, or until June 14, 2006, to regain compliance with the minimum bid price requirement. On June 15, 2006, Saflink was provided an additional 180 calendar days, or until December 11, 2006, to regain compliance with the minimum bid price requirement.
Nasdaq has indicated that, unless Saflink requests an appeal of Nasdaq’s determination to delist Saflink securities to a listing qualifications panel, trading in Saflink’s common stock will be suspended at the opening of business on December 21, 2006. Saflink intends to request an appeal of Nasdaq’s determination, which would postpone the effect of the delisting pending a hearing on the matter before the panel. As a result, Saflink believes its common stock will continue to trade on the Nasdaq Capital Market pending the panel’s decision.
In addition, on October 11, 2006, Saflink received written notification from Nasdaq indicating that Saflink was not in compliance with the Nasdaq audit committee requirements as set forth in Marketplace Rule 4350 because Steven M. Oyer, who was serving as the chairman of Saflink’s audit committee, agreed to serve as the company’s interim chief executive officer. On November 6, 2006, Saflink appointed Lincoln D. Faurer to serve as the chairman of its audit committee and also appointed Asa Hutchinson to serve as a member of the audit committee. Mr. Oyer no longer serves on the audit committee.
Saflink Corporation offers biometric security and smart card solutions that protect intellectual property, secure information and eliminate passwords. Saflink identity assurance management solutions allow administrators to verify the identity of users and control their access to computer networks, facilities and applications. Winner of seven awards in 2005, Saflink and its solutions have been recognized by organizations such as Frost & Sullivan and Software Magazine’s Software 500. For more information, please visit www.saflink.com or call 800-762-9595.