SLS stock loses listing compliance; price falls 14 cents

The Ozark-based sound-system provider said Sept. 1 that it has received notice from AMEX that it is not in compliance with the exchange’s listing standards due to losses from continuing operations and shareholder’s equity.

SLS reported in August a second-quarter net loss in operations of $2.2 million, despite a 218 percent increase to $2.7 million in quarterly earnings.

SLS has until Sept. 27 to submit a plan of action to AMEX that would bring it into compliance within 18 months. The company is contemplating whether to submit the plan within the time period, according to an SLS news release.

If the company submits the plan and it is accepted, SLS may be able to continue its listing for the 18-month period, during which time it will be subject to periodic reviews to gauge its progress.

In the event that SLS’ stock is delisted, the company’s common stock could be quoted on either the Nasdaq Over-the-Counter Bulletin Board or on Pink Sheets.

Company shares (AMEX: SLS) dropped 14 cents following the news and closed Sept. 6 at 19 cents. The 52-week range is 14 cents to $2.20.

This story originally appeared in SBJ’s Sept. 6 free e-news Daily Update. Click here to register.