BOULDER CITY, Nev. (Oct. 13, 2009)—Amerityre Corp. was notified by Nasdaq that it has been out of compliance since June 30 with the stockholders' equity requirement for continued listing.
The maker of polyurethane flat-proof tires said it is subject to potential delisting from the Nasdaq Capital Market because it does not have a minimum of $2.5 million in stockholders' equity, $35 million market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recent fiscal years.
Amerityre said it has until Oct. 20 to give Nasdaq a specific plan of how it will achieve and sustain compliance with the listing requirements, including a time frame for completing such a plan. The company said that its implementation of cost-cutting measures combined with anticipated increases in revenues and successful fundraising efforts will bring it back into compliance with the minimum requirements.