Attached files
| file | filename |
|---|---|
| 8-K - APPLIED ENERGETICS, INC. | v205650_8k.htm |
Exhibit
99.1
Applied Energetics Announces Receipt
of NASDAQ Letter Citing Non-Compliance with Minimum Bid Price
Rules
TUCSON, Ariz.— December 15,
2010—Applied Energetics, Inc., (NASDAQ:AERG) today announced that on
December 14, 2010 it received a notice from The NASDAQ Stock Market stating that
the minimum bid price of the Company's common stock was below $1.00 per share
for 30 consecutive business days and that the Company was therefore not in
compliance with Marketplace Rule 5550(a)(2). The notification letter has no
effect at this time on the listing of the Company's common stock on The NASDAQ
Capital Market. Applied Energetics common stock will continue to trade on The
NASDAQ Capital Market under the symbol AERG.
The
notification letter states that Applied Energetics will be afforded 180 calendar
days, or until June 13, 2011, to regain compliance with the minimum closing bid
requirement. In accordance with Marketplace Rule 5810(c)(3)(a), the Company can
regain compliance if the closing bid price of the Company's common stock meets
or exceeds $1.00 per share for at least 10 consecutive business
days.
If the
Company does not regain compliance by June 13, 2011, NASDAQ will provide written
notification to the Company that the Company's securities are subject to
delisting. In the event the Company does not regain compliance by June 13, 2011,
the Company may be eligible for an additional 180 calendar day grace period if
it meets the initial listing standards, with the exception of bid price, for The
NASDAQ Capital Market, and it provides written notice of its intention to cure
the deficiency during the second compliance period, by effecting a reverse stock
split, if necessary.
About
Applied Energetics, Inc.
Applied
Energetics, Inc., based in Tucson, Arizona, specializes in development and
manufacture of advanced high performance lasers, high voltage electronics,
advanced optical systems, and integrated guided energy systems for defense,
aerospace, industrial, and scientific customers worldwide. Applied Energetics
pioneered the development of Laser Guided Energy(TM) (LGE(TM)) technology, and
related solutions for defense and security applications. For more information
about Applied Energetics, please visit www.appliedenergetics.com.
"Safe
Harbor" Statement under the Private Securities Litigation Reform Act of
1995:
Certain
statements contained in this News Release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve a number of known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements.
Such
factors include, but are not limited to: the dependence on sales of a limited
number of products and the uncertainty of the timing and magnitude of government
funding and orders, dependence on sales to government customers; the uncertainty
of patent protection; the uncertainty of strategic alliances; the uncertainty of
management tenure; the impact of third-party suppliers' manufacturing
constraints or difficulties; management's ability to achieve business
performance objectives, market acceptance of, and demand for, the Company's
products, and resulting revenues; development and testing of technology and
products; manufacturing capabilities; impact of competitive products and
pricing; litigation and other risks detailed in the Company's filings with the
Securities and Exchange Commission. The words "looking forward," "believe,"
“may,” “plan,” “seek,” “strategy,” "demonstrate," "intend," "expect,"
“continue,” "contemplate," "estimate," "anticipate," “will,” "likely" and
similar expressions identify forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of the date the statement was made. Applied Energetics undertakes no
obligation to update any forward-looking statements contained in this news
release.
Contact:
Investor
Relations:
Kevin
McGrath
Cameron
Associates
212.245.4577
Kevin@cameronassoc.com