LYNNFIELD, Mass. (April 27) — The American Stock Exchange has told tire recycler GreenMan Technologies Inc. that it intends to begin proceedings against the company to delist its stock, according to a GreenMan press release.
Among other things, GreenMan faces delisting because of failure to file its quarterly financial reports with the Securities and Exchange Commission in a timely fashion or maintain stockholders´ equity of at least $4 million in the face of sustaining net losses over three of the past four years, the release said.
GreenMan has until May 2 to appeal the delisting proceeding, which the company said it will do. Earlier this month, new GreenMan CEO Lyle Jensen announced he would buy 500,000 shares of the company´s unregistered common stock at a price of about $140,000.