We are pleased that the Hearings Panel has provided us with the opportunity to present our compliance plan to address their concerns
Santa Clara, CA (PRWEB) March 11, 2010
DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology announced that today it presented its compliance plan to the NASDAQ Hearings Panel. The Company announced on September 18, 2009 and January 26, 2010 that it received NASDAQ Staff Determination Letters stating that its common stock is subject to delisting because of the deficiencies that the closing bid price per share for the Company's common stock has been below the $1.00 minimum per share requirement and the Company's failure to hold its annual meeting for fiscal year 2008 on or before December 31, 2009.
“We are pleased that the Hearings Panel has provided us with the opportunity to present our compliance plan to address their concerns,” said Magnus Ryde, Chief Executive Officer. The compliance plan included information regarding the planned annual meeting and the proposed reverse stock split. While the Company is confident that its compliance plan, when fully implemented, will meet the requirements for continued listing on NASDAQ, there can be no assurance that the Hearings Panel will grant the Company's request for continued listing.
In the interim, NASDAQ has informed the Company that any delisting action of the Company's securities from the NASDAQ Stock Market is stayed until such time as the hearing procedures have concluded. The Company expects a final determination within the next 30 days. A copy of the Company’s preliminary proxy statement which contains details about the annual meeting and the reverse split can be found at http://www.sec.gov/edgar.shtml.
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding DayStar's business that are not historical facts may be considered "forward-looking statements." The forward-looking statements in this news release, such as statements that DayStar is confident that its compliance plan, when implemented, will meet the requirements for continued listing on NASDAQ, are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve substantial risks and uncertainties that could cause actual results and outcomes to be materially different. Forward-looking statements are based on management's current preliminary expectations and are subject to risks and uncertainties, which may cause DayStar's results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties are detailed in DayStar's annual report on Form 10-K for the year ended December 31, 2008 and quarterly report on Form 10-Q for the quarter ended September 30, 2009, and other filings made with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. DayStar undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
DayStar Technologies, Inc.
Patrick J. Forkin III
Sr. Vice President
investor (at) daystartech (dot) com
A. Renée Sutton, Esq.
investor (at) daystartech (dot) com