Daily NewsView All News
General Employment Enterprises Inc. (NYSE MKT: JOB), an Oakbrook Terrace, Ill.-based staffing provider, received a second extension from the NYSE MKT LLC related to compliance with listing standards.
Stockholders equity is less than $4 million and the company has sustained losses from continuing operations and/or net losses in three of its four most recent fiscal years; and, in the opinion of the exchange, it is questionable as to whether General Employment will be able to continue operations and/or meet its obligations as they mature based on its current overall financial condition.
The NYSE granted the company a second extension of its impairment plan period from Feb. 21 to March 31, 2014.
The targeted completion date is now March 31 to improve the overall financial condition and until June 6 to increase the equity to a minimum of $4 million.
The company’s common stock continues to trade on the NYSE MKT stock exchange but will become subject to the trading symbol extension “.LF” to denote non-compliance with the NYSE MKT's continued listing standards.
“We have made significant progress in the past year to restructure the company,” said CEO Andrew J. Norstrud. “We have invested in the infrastructure that will secure our future in this industry and enable us to implement our growth strategy. Although we are approximately six months behind in completing the restructuring, it was an aggressive plan that management adopted this past July and we are satisfied with our progress.”