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The New York Stock Exchange accepted General Employment Enterprises Inc.’s (NYSE: JOB) plan of compliance and granted the company an extension until May 1 to regain compliance with the continued listing standards.
General Employment is out of compliance with listing standards due to its delinquency in filing its financial statements with the U.S. Securities and Exchange Commission for the quarter ended Dec. 31, 2012, and for the fiscal year ended Sept. 30, 2012.
The company will be subject to periodic review by the exchange staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the company being delisted.
General Employment is working with a new public accounting firm on its financial reports.
“We have made great progress on the audit with Friedman, LLP and expect to meet or exceed the expectations of the NYSE market,” said Michael Schroering, chairman and CEO. “We are transitioning to a new and invigorated team at General Employment Enterprise Inc., whom I believe will work aggressively and be able to accomplish our strategic goals for this year and beyond. We have seen encouraging results from this year’s first quarter of operations and have already started the necessary infrastructure changes for our future.”