Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously disclosed, on June 10, 2020, Blonder Tongue Laboratories, Inc.
(the "Company") received notification (the "Non-Compliance Notice") from NYSE
American LLC ("NYSE American") that the Company was not in compliance with the
continued listing standard set forth in Section 1003(a)(iii) of the NYSE
American Company Guide. That section applies if the reported stockholders'
equity of the listed company is less than $6 million and the listed company has
reported losses from continuing operations and/or net losses in its five most
recent fiscal years. The Non-Compliance Notice indicated that the Company
reported stockholders' equity of $5.4 million as of March 31, 2020 and reported
losses from continuing operations and/or net losses in each of its five most
recent fiscal years ended December 31, 2019, resulting in the Company failing to
comply with the continued listing standard. As a result, the Company was
required to submit a plan to NYSE American by July 10, 2020 addressing how the
Company intends to regain compliance with Section 1003(a)(iii) by December 10,
2021. The Company submitted a plan prior to the deadline.
On August 27, 2020, the Company received notice from NYSE Regulation that it had
accepted the Company's plan to regain compliance with Section 1003(a)(iii) of
the NYSE American Company Guide and granted a plan period through December 10,
2021. The listing of the Company's common stock on NYSE American is being
continued during the plan period pursuant to an extension. In addition, during
the plan period the Company will be subject to periodic review by NYSE
Regulation staff, including quarterly monitoring, to determine if it is making
progress consistent with the plan. If the Company is not in compliance with the
continued listing standards by December 10, 2021, or if the Company does not
make sufficient progress consistent with its plan, NYSE Regulation staff will
initiate delisting proceedings as appropriate. If that were to occur, the
Company would have the right to appeal any delisting determination.
The Company can provide no assurances that it will be able to make progress with
respect to its plan that NYSE Regulation will determine to be satisfactory, that
it will regain compliance with Section 1003(a)(iii) on or before the expiration
of the plan period, or that developments and events occurring subsequent to the
Company's formulation of the compliance plan or its acceptance by NYSE
Regulation will not adversely affect the Company's ability to make sufficient
progress and/or regain compliance with Section 1003(a)(iii) on or before the
expiration of the plan period or result in the Company's failure to be in
compliance with other NYSE American continued listing standards.
On September 2, 2020, the Company issued a press release regarding its receipt
of the notice from NYSE Regulation accepting the Company's plan. A copy of the
press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and
is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibits are filed herewith:
Exhibit No. Description
99.1 Press Release dated September 2, 2020.
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