Wizzard Software Receives Low Price Deficiency Letter From NYSE Amex
Wizzard Software (NYSE: WZE) today reported that it has received notice from NYSE Amex advising Wizzard that it is not in compliance with a certain condition of the Exchange's continued listing standards under Section 1003 of the Exchange's Company Guide.
In a letter to Wizzard, the Exchange stated that it is concerned that Wizzard's common stock, as a result of its low selling price, may not be suitable for auction market trading. Therefore, pursuant to Section 1003 of the Company Guide, Wizzard's continued listing is predicated on it effecting a reverse stock split of its common stock by no later than February 22, 2012. As a result of the foregoing, Wizzard has become subject to the procedures and requirements of Section 1009 of the Company Guide.
The expected reverse stock split of Wizzard's common stock was proposed, prior to the receipt of this letter by the Company, in conjunction with a binding MOU the Company previously entered into relating to its pending transaction with FAB. Wizzard intends to satisfy the Exchange's continued listing standards by presenting a proposal and resolution to be approved by its shareholders, to effect a reverse stock split of Wizzard's common stock, at a special meeting of shareholders.
“We announced a proposed reverse stock split in conjunction with our pending transaction with FAB a few weeks ago and included it with our 8K filing regarding the binding MOU we signed,” said Chris Spencer, Wizzard Software CEO. “We expect to have shareholder approval for the FAB transaction, which already included a reverse stock split as a requirement, well before the February 22, 2012 deadline.”
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