PROVIDENCE – Nestor Inc. (Nasdaq: NEST) has been notified by Nasdaq that, as of April 23, the market value of the company’s common stock had fallen below the stock-market’s minimum level of $1 per share for 30 consecutive days.
In accordance with Nasdaq Marketplace Rule 4310(c)(8)(D) the company was given 180 calendar days – until Oct. 22 – to regain compliance. To do so, Nestor’s common stock must close at a bid price $1 per share or higher for at least 10 consecutive business days.
If Nestor cannot demonstrate compliance by Oct. 22, Nasdaq will launch a review to determine whether the company meets other criteria for listing on the stock market. If the company does not, its stock will be delisted; if Nestor meets all other listing criteria, it will be given another 180 days to regain full compliance.
Should the company’s stock be delisted for more than five consecutive days or for more than 10 days in any 365-day period, Nestor would be considered to be in default under the terms of its 7-percent Senior Secured Convertible Notes, dated May 25, 2006; that, in turn, would be considered a default under the company’s 5-percent Senior Convertible Notes due this Oct. 31.
Nestor today announced it has signed three-year contracts with the cities of Corrigan and Hudson, Texas, northeast of Houston, for the installation and operation of automated traffic enforcement services:
In Corrigan, Nestor Traffic Systems is to install, maintain and operate CrossingGuard video-based speed and red-light systems at two approaches on Highway 59.
In Hudson, NTS is to provide one mobile speed-enforcement unit, with PoliScanSpeed LiDAR scanning technology, plus CrossingGuard service for three approaches.
Nestor Inc. (Nasdaq: NEST), the parent of Nestor Traffic Systems, is a provider of video-, photo- and LiDAR-based traffic enforcement systems and services. Additional information is available at www.nestor.com.
