Appliance Recycling Centers of America announced that on September 18, 2018 it received notification from the Listing Qualifications Department of The Nasdaq Stock Market that the company regained compliance with a listing rule that requires a minimum bid price of $1.00 per share. "The company is now fully compliant with all Nasdaq rules. This matter is now closed," Appliance Recycling stated.
Appliance Recycling announced that its subsidiary, GeoTraq, has recently entered into an agreement with a software engineering firm specializing in secure software architecture to design a scalable Internet of Things device management platform capable of securely managing millions of IoT devices deployed throughout the world using GeoTraq's proprietary Cell-ID technology. GeoTraq intends to manufacture a cellular IoT module that is designed to support hundreds of vertical markets and thousands of applications. GeoTraq expects that businesses will ultimately be able to deploy GeoTraq powered IoT devices throughout the world for far less cost and complexity than other IoT solutions currently available on the market. GeoTraq expects to offer the simplest global IoT solution on the market.
Appliance Recycling Centers of America announced that its subsidiary, GeoTraq Inc., has entered into an agreement with an electronic design firm specializing in cellular chipset technology to design an advanced cellular IoT module that incorporates GeoTraq's proprietary Cell-ID technology for expected release later this year.
Appliance Recycling Centers of America announced that on July 3, it received notification from the Listing Qualifications Department of The Nasdaq Stock Market that the company regained compliance with Listing Rule 5250(c)(1). On April 18, 2018 and May 22, 2018, the Staff notified the company regarding its failure to file its Annual Report on Form 10-K for the fiscal year ended December 30, 2018 and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018 in a timely fashion. On June 27, 2018, the Staff granted the Company an extension to file the Form 10-Q. The company has filed both the Form 10-K and Form 10-Q with the U.S. Securities and Exchange Commission and in accordance with Nasdaq deadlines, as extended, and is now fully compliant with all Nasdaq rules. This matter is now closed.
Appliance Recycling announced that it was delaying the filing of its quarterly report on Form 10-Q for the period ended March 31 to allow the company's independent registered public accounting firm sufficient time to complete their work on the review of the company's financial statements. In connection with the delayed Form 10-Q, on May 22, ARCA received a standard notice from NASDAQ stating that the company is not in compliance with NASDAQ Listing Rule 5250, which requires timely filing of periodic financial reports with the Securities and Exchange Commission. The Nasdaq notice has no immediate effect on the listing or trading of ARCA's common stock on the Nasdaq Capital Market. Under Nasdaq's listing rules, ARCA has until June 18 to submit a plan to regain compliance. If the plan is accepted, ARCA can be granted an exception until September 26, to regain compliance. ARCA expects to submit a plan to regain compliance or file its Form 10-Q within the timeline prescribed by Nasdaq.