Provectus says receives NYSE listing noncompliance letter
Provectus Biopharmaceuticals announced receipt of notification from the NYSE that the company is not in compliance with certain listing standards relating to stockholders' equity. Specifically, the letter indicated that the company is not in compliance with Section 1003aiii requiring stockholders' equity of $6M or more if the company has reported losses from continuing operations and/or net losses in its five most recent fiscal years. As of September 30, the company had stockholders' equity of approximately $5.3M. The company's management is exploring its options moving forward. Currently, the company intends to submit a compliance plan by the December 23 deadline. If the company does not submit a plan or if the plan is not accepted, NYSE cite the noncompliance as an additional basis for delisting, in addition to the "abnormally low" trading price which was the basis for NYSE's determination on October 13 to immediately suspend trading of the company's common stock.