BriteSmile Receives Nasdaq Notice of Additional Deficiency
May 26 2006 - 5:15PM
PR Newswire (US)
WALNUT CREEK, Calif., May 26 /PRNewswire-FirstCall/ -- BriteSmile,
Inc. (NASDAQ:BSML), a leading international provider of
state-of-the-art teeth whitening systems, today announced that, on
May 23, 2006, the Company received a written notification (the "May
23 Notice") from the staff of the Nasdaq Stock Market (the "Staff")
stating that the Company's failure to timely file its Quarterly
Report on Form 10-Q for the quarterly period ended April 1, 2006,
as required by NASD Marketplace Rule 4310(c)(14), would serve as an
additional basis for delisting the Company's securities from the
Nasdaq Stock Market. The Quarterly Report on Form 10-Q that was the
subject of the Staff's notification was filed by the Company on May
23, 2006. The May 23 Notice is in addition to the previously
disclosed written notification from the Staff received on January
25, 2006 (the "January 25 Notice"), stating that the Company's
common stock would be delisted from The Nasdaq SmallCap Market at
the opening of business on February 3, 2006 pursuant to Marketplace
Rule 4300 unless we provided a specific plan to achieve and sustain
compliance with all listing requirements. The Company appealed the
Staff's January 25, 2006 determination to delist the Company's
common stock to the Nasdaq Listing Qualification Panel (the
"Panel"). A hearing on the matter was held on March 9, 2006, at
which representatives of the Company appeared before the Panel to
request that the Panel continue to list the Company's common stock
on the Nasdaq SmallCap Market. Since that date, the Company has
worked to comply with the Panel's conditions for continued listing,
which included filing a Quarterly Report on Form 10-Q for the
quarterly period ended April 1, 2006 reflecting actual
stockholders' equity at April 1, 2006 of at least $2.5 million. The
equity reported in the filed Form 10-Q for the period ending April
1, 2006 was $9.3 million. The May 23 Notice further provides that
the Panel will consider this additional deficiency in rendering a
determination regarding the Company's continued listing on the
Nasdaq Capital Market and requested that the Company present its
views with respect to this matter to the Panel no later than May
30, 2006. The Company continues to cooperate with the Panel and
plans to present it views with respect to this matter in accordance
with the NASD Marketplace Rules. Until the Panel renders its
decision with respect to the continued listing of the Company's
common stock, the Company's common stock will continue to trade on
the Nasdaq SmallCap Market. The Company can make no assurance that
the Panel will grant the Company's request for continued listing.
If the Company's common stock is delisted from the Nasdaq SmallCap
Market, it may become eligible thereafter for quotation on the OTC
Bulleting Board or in the "Pink Sheets." BriteSmile markets the
most advanced teeth whitening technology available through
state-of-the-art BriteSmile Professional Teeth Whitening Centers.
BriteSmile Centers are currently operating in Beverly Hills,
Irvine, Palo Alto, Walnut Creek, San Francisco and La Jolla, CA;
Houston, TX; Denver, CO; Boston, MA; McLean, VA; Atlanta, GA; New
York, NY; Chicago and Schaumburg, IL; and, Phoenix, AZ. For more
information about BriteSmile's procedure, call 1-800-BRITESMILE or
visit the Company's Website at http://www.britesmile.com/.
DATASOURCE: BriteSmile, Inc. CONTACT: investors, Ken Czaja, CFO of
BriteSmile, +1-925-941-6260 Web site: http://www.britesmile.com/
Copyright
Invesco BulletShares 202... (NASDAQ:BSML)
Historical Stock Chart
From Jul 2024 to Aug 2024
Invesco BulletShares 202... (NASDAQ:BSML)
Historical Stock Chart
From Aug 2023 to Aug 2024