American Learning Corporation (the Company) (NASDAQ:ALRN) received
notification from The Nasdaq Stock Market (Nasdaq) that it has not
regained compliance with The Nasdaq Capital Markets minimum bid price
requirement for continued listing, set forth in Nasdaq Listing Rule
5550(a)(2) and, unless the Company appeals Nasdaqs decision, trading of
the Companys common stock will be suspended at the opening of business
on September 9, 2010, and a Form 25-NSE will be filed with the
Securities and Exchange Commission, which will remove the Companys
securities from listing and registration on The Nasdaq Capital Market.
Accordingly, on September 2, 2010, the Company submitted an appeal of
the Nasdaq Staff determination to Nasdaqs Hearing Panel (the Panel)
pursuant to the procedures set forth in the Nasdaq Listing Rule 5800
Series. The hearing request will stay the suspension of the Companys
securities and the filing of the Form 25-NSE pending the Panels
decision. In response to the Companys request, the Nasdaq Office of
General Counsel has scheduled a hearing for October 7, 2010 at which
time the Company must demonstrate its ability to regain compliance with
the minimum bid price requirement. There can be no assurance that the
Panel will grant the Companys request for continued listing.
American Learning Corporation, through its wholly owned subsidiaries,
Interactive Therapy Group Consultants, Inc. and Signature Learning
Resources, Inc., offers a comprehensive range of services to children
with developmental delays and disabilities.
Source: Business Wire
