DayStar Technologies DSTI (the "Company") received notice
from Nasdaq that it was not in compliance with Nasdaq's Listing Rules due to a
failure to hold an annual meeting within one year of the end of the Company's
fiscal year ending on December 31, 2011. DayStar notified Nasdaq that it
believed it had complied with the Listing Rule since it held an annual meeting
of stockholders on December 19, 2012. Daystar has been notified that the
annual meeting held on December 19, 2012 did not meet the requirements of
Nasdaq's Listing Rules because the Company did not file a Proxy Statement on
Form 14A prior to the meeting. Nasdaq noted that since the Company did not
meet the listing requirement it would continue with the previously announced
procedures to delist the Company's securities. Nasdaq has offered the Company
an opportunity to request a hearing to appeal this determination. The Company
intends to request this hearing from Nasdaq. In the event the Company's appeal
is denied, the Company's shares would qualify for listing on the OTCBB.
In addition, on November 20, 2012, Staff notified the Company that it had not
received the Company's Form 10-Q for the period ended September 30, 2012 (the
"Form 10-Q"), as required by Listing Rule 5250(c)(1), and requested the
Company submit a plan to regain compliance by no later than December 5, 2012.
The Company then provided Staff with its compliance plan on December 5, 2012,
the Company citing that it was adversely affected by a change in its Chief
Financial Officer in November 2012 which contributed to its late filing and
the missed 14A. The Company filed its Quarterly Report on Form 10Q on January
7, 2013.
The Company plans to appeal Staff's determination to a Hearings Panel,
pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series.
Hearings are typically scheduled to occur approximately 30-45 days after the
date of the hearing request.
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