Perseon Medical Corp. (NSDQ:PRSN) said it received a notice from Nasdaq informing the company its stock will be delisted after a failure to comply with annual meeting rules, and announced its CEO Clinton Carnell will cut his salary as the company looks to reduce its material expenses.
The company said it received the notice from the Nasdaq Stock Market last week informing them that, due to a failure to comply with the market’s annual meeting rules relating to the change in its fiscal year end from August 31 to December 31, the company’s common stock and publicly traded warrants would be suspended.
The suspension will take effect on January 19, and a form will be filed with the SEC to remove Perseon’s securities from listing and registration. Perseon said that while the delisting will impact its stock trading liquidity, it did not expect it to have a material impact on its commercial business, according to an SEC filing.
As part of a broader plan to reduce the company’s material expenses, Perseon also announced that its CEO Carnell would no longer receive salary for his services with the company.
Salt Lake City-based Perseon, formerly known as BSD Medical, makes the MicroThermX microwave ablation device. The Galil merger, announced in October, foundered after not enough stockowners tendered their shares despite a 10-day extension.
Perseon, which reported 3rd-quarter losses of -$3.0 million on sales of $556,000, had just $1.3 million on hand as of Nov. 30 – enough to carry it for only 2 months.