Banks.com (BNX) Gets Delisting Letter from NYSE Amex; Will Appeal Determination
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Banks.com, Inc. (AMEX: BNX), operator of leading financial services focused online media properties, announced today that on November 22, 2011 it received notice from NYSE Amex LLC indicating that Banks.com, Inc., no longer complies with the Exchange's continued listing standards due to the low selling price of its common stock, as set forth in Section 1003(f)(v) of the Exchange's Company Guide, and that its securities are, therefore, subject to being delisted from the Exchange. The Company intends to appeal this determination and request a hearing before a committee of the Exchange. There can be no assurance that the Company's request for continued listing will be granted.
As the Company previously reported, by letter dated June 20, 2011, Exchange staff notified the Company that it was not in compliance with Section 1003(f)(v) of the Company Guide in that the Company's securities had been selling at a low price per share for a substantial period of time. The Company's continued listing was predicated on it effecting a reverse stock split of its common stock within a reasonable amount of time, which Staff had determined to be no later than November 18, 2011. This deadline for compliance reflected a truncation under Section 1009(h) of the Company Guide, which provides that Staff may truncate the continued listing evaluation and follow-up procedures if a company, within 12 months of the end of a plan period, is again determined to be below continued listing standards. By letter dated October 6, 2010, Banks.com was determined by the Exchange to have resolved a September 16, 2009 continued listing deficiency under Section 1003(f)(v) of the Company Guide.
As the Company previously reported, by letter dated June 20, 2011, Exchange staff notified the Company that it was not in compliance with Section 1003(f)(v) of the Company Guide in that the Company's securities had been selling at a low price per share for a substantial period of time. The Company's continued listing was predicated on it effecting a reverse stock split of its common stock within a reasonable amount of time, which Staff had determined to be no later than November 18, 2011. This deadline for compliance reflected a truncation under Section 1009(h) of the Company Guide, which provides that Staff may truncate the continued listing evaluation and follow-up procedures if a company, within 12 months of the end of a plan period, is again determined to be below continued listing standards. By letter dated October 6, 2010, Banks.com was determined by the Exchange to have resolved a September 16, 2009 continued listing deficiency under Section 1003(f)(v) of the Company Guide.
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