Cybex Receives Extensions on NASDAQ Deadlines
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In late December, Cybex International, Medway, MA, received extensions from the NASDAQ Stock Market to comply with two conditions for continued listing on NASDAQ, the company announced.
NASDAQ extended to March 12, 2012, the deadline for Cybex to have evidenced a closing bid price above $1 for a minimum of 10 consecutive trading days. Cybex’s stock price has not been $1 or higher since May 4, 2011. It closed Tuesday at 46 cents per share.
NASDAQ also extended to April 2, 2012, the deadline to comply with the requirement that the company have a minimum stockholders’ equity of $10 million or more.
“It is our intent to do what we can to remain on NASDAQ,” Lisa Juris, vice president of marketing for Cybex, wrote in a statement to Club Industry. “As evidenced by the deadline extensions, Cybex continues to offer a compelling case to NASDAQ.”
During last year, Cybex received determination letters from NASDAQ indicating that the company’s common stock was subject to delisting from NASDAQ due to failure to comply with the minimum stockholders’ equity requirement of $10 million and the minimum bid price requirement of $1 per share. Subsequently, a NASDAQ hearings panel granted the company’s request for continued listing on NASDAQ, subject to specified conditions.
The company faced a lawsuit in 2011, Barnhard v. Cybex International, that it has had to invest money to defend. The verdict in the case, handed down in December 2010, found Cybex 75 percent liable for a $66 million judgment. The court upheld the verdict in December 2011, although it lowered the judgment amount to $44 million.
Cybex is awaiting response to further motions filed with the Fourth Department of the Appellate Division of the Supreme Court of New York, which is expected to provide a response this month. Once the response is received, Cybex will petition the New York Court of Appeals to consider its appeal, according to Juris.
“We continue to maintain that Cybex was not at fault and the case was wrongly decided as to liability,” Juris wrote.
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