VeriChip Corporation, providers of RFID-enabled health care solutions including the VeriMed Health Link system which uses human-implantable RFID tags, has been notified by the Nasdaq Stock Market that the company’s stockholder equity as of September 30 had fallen below the $10 million dollar minimum required for a continued listing on the exchange.
The notification, which was communicated in a letter dated November 17, has no immediate effect on the company’s status as a listed company. Nasdaq has requested that VeriChip submit a plan to achieve and sustain compliance with the continued listing requirements of The Nasdaq Global Market, including the minimum stockholders’ equity requirement, before December 2. If Nasdaq determines that the plan does not achieve compliance to the stock market’s rules, then VeriChip’s equities could be delisted.
Last week, it was announced that Digital Angel corporation has sold its 45% share in VeriChip to R&R Consulting Partners, giving the latter firm a controlling interest in VeriChip. R&R Consulting Partners is headed by former VeriChip CEO Scott Silverman, who planned to oversee VeriChip’s daily operations as its Chairman of the Board of Directors.