AdvanSource Biomaterials Corp. (NYSE:ASB) submitted a plan to the New York Stock Exchange detailing its attempt to regain compliance with the stock market’s listing requirements.
The Wilmington, Mass.-based company fell short of the exchange’s listing standards when its stockholders’ equity fell to $5.8 million, just shy of the NYSE’s $6 million threshold. In addition, the company had net losses and losses from continuing operations in its five most recent fiscal years.
Though NYSE has yet to approve ASB’s plan, the company said it already began actions "to bring the Company into compliance with certain listing standards of the NYSE Amex by February 17, 2012," in a press release.
AdvanSource said it intends to issue a follow-up press release once it receives notification from the NYSE over whether it has accepted the company’s plan.
The Wilmington, Mass.-based medical device polymer supplier was able to trim its second-quarter losses by 5.4 percent on an 11.8 percent boost to its bottom line. The company posted net losses of $642,000, or 3 cents per share, on sales of $503,000 during the three months ended June 30 2010. That compares with net losses of $679,000, also 3 cents per share, on sales of $450,000 during the same period last year.
