radarlove
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- Mar 21, 2005
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Twenty cents a share today. Ouch. Their CFO quit too. Now the stock exchange has kicked them off.
Form 8-K/A for FLYI INC 24-Oct-2005
Notice of Delisting or Transfer, Change in Directors or Principal Officers
Item 3.01. Notice of Delisting or Failure To Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 21, 2005, the Company received a letter from The NASDAQ Stock Market, Inc. ("NASDAQ ") notifying the Company that for the 30 consecutive trading days preceding the date of the letter, the Company's common stock has not maintained the minimum aggregate market value of publicly held shares (MVPHS) of $15 million required for continued inclusion on the NASDAQ National Market pursuant to NASDAQ Marketplace Rule 4450(b)(e). The letter further notified the Company that, in accordance with NASDAQ Marketplace Rule 4450(e)(1), the Company will be provided 90 calendar days, or until January 19, 2006, to regain compliance with the MVPHS requirement. Compliance will be achieved if the MVPHS is $15 million or more for 10 consecutive trading days prior to January 19, 2006.
The letter from NASDAQ further stated that if the Company does not regain compliance with the Marketplace Rules by January 19, 2006, NASDAQ will provide notice that the Company's common stock will be delisted from the NASDAQ National Market. In the event of such notification, the Company would have an opportunity to appeal NASDAQ's determination. The letter also noted that the Company would have the opportunity to apply to transfer its common stock to the NASDAQ Capital (SmallCap) Market and that, if the Company submits a transfer application and pays the applicable listing fees by January 19, 2006, the intiation of delisting proceedings will be stayed pending NASDAQ staff review of the application.
As previously disclosed, the Company was informed by NASDAQ that the bid price of the Company's common stock had closed below the $1.00 per share minimum required for continued inclusion on the NASDAQ National Market pursuant to NASDAQ Marketplace Rule 4450(a)(5). That notice further stated that, in accordance with NASDAQ Marketplace Rule 4450(e)(2), the Company has been provided until November 23, 2005 to regain compliance with the minimum bid price requirement. At the Companys annual meeting, stockholders granted the Board of Directors discretion to amend the Companys certificate of incorporation to effect a reverse stock split, which authorization was sought so that a reverse stock split might enable the Company to regain compliance with the minimum bid price requirement. If and when the Board determines to implement a reverse split, the Company will at that time announce its intention, the effective date of the reverse split and the actual ratio to be applied.
More information on the risks of investing in the Companys common stock, including the consequences and risks associated with delisting of the Company's common stock from the NASDAQ National Market, can be found in the Company's Form 10-Q for the quarterly period ended June 30, 2005, which was filed with the Securities and Exchange Commission on August 9, 2005, and the Company's proxy statement on Schedule 14A, which was filed with the Securities and Exchange Commission on May 11, 2005.
Item 5.02. Departure of Directors or Principal Officers; Elections of Directors; Appointment of Principal Officers On October 7, 2005, FLYi, Inc. (the "Company") filed a Form 8-K to announce that David W. Asai had been named Chief Financial Officer of the Company. This Form 8-K/A is filed to report that on October 18, 2005, the Companys Compensation Committee approved an annual salary of $190,000 for Mr. Asai.
Form 8-K/A for FLYI INC 24-Oct-2005
Notice of Delisting or Transfer, Change in Directors or Principal Officers
Item 3.01. Notice of Delisting or Failure To Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 21, 2005, the Company received a letter from The NASDAQ Stock Market, Inc. ("NASDAQ ") notifying the Company that for the 30 consecutive trading days preceding the date of the letter, the Company's common stock has not maintained the minimum aggregate market value of publicly held shares (MVPHS) of $15 million required for continued inclusion on the NASDAQ National Market pursuant to NASDAQ Marketplace Rule 4450(b)(e). The letter further notified the Company that, in accordance with NASDAQ Marketplace Rule 4450(e)(1), the Company will be provided 90 calendar days, or until January 19, 2006, to regain compliance with the MVPHS requirement. Compliance will be achieved if the MVPHS is $15 million or more for 10 consecutive trading days prior to January 19, 2006.
The letter from NASDAQ further stated that if the Company does not regain compliance with the Marketplace Rules by January 19, 2006, NASDAQ will provide notice that the Company's common stock will be delisted from the NASDAQ National Market. In the event of such notification, the Company would have an opportunity to appeal NASDAQ's determination. The letter also noted that the Company would have the opportunity to apply to transfer its common stock to the NASDAQ Capital (SmallCap) Market and that, if the Company submits a transfer application and pays the applicable listing fees by January 19, 2006, the intiation of delisting proceedings will be stayed pending NASDAQ staff review of the application.
As previously disclosed, the Company was informed by NASDAQ that the bid price of the Company's common stock had closed below the $1.00 per share minimum required for continued inclusion on the NASDAQ National Market pursuant to NASDAQ Marketplace Rule 4450(a)(5). That notice further stated that, in accordance with NASDAQ Marketplace Rule 4450(e)(2), the Company has been provided until November 23, 2005 to regain compliance with the minimum bid price requirement. At the Companys annual meeting, stockholders granted the Board of Directors discretion to amend the Companys certificate of incorporation to effect a reverse stock split, which authorization was sought so that a reverse stock split might enable the Company to regain compliance with the minimum bid price requirement. If and when the Board determines to implement a reverse split, the Company will at that time announce its intention, the effective date of the reverse split and the actual ratio to be applied.
More information on the risks of investing in the Companys common stock, including the consequences and risks associated with delisting of the Company's common stock from the NASDAQ National Market, can be found in the Company's Form 10-Q for the quarterly period ended June 30, 2005, which was filed with the Securities and Exchange Commission on August 9, 2005, and the Company's proxy statement on Schedule 14A, which was filed with the Securities and Exchange Commission on May 11, 2005.
Item 5.02. Departure of Directors or Principal Officers; Elections of Directors; Appointment of Principal Officers On October 7, 2005, FLYi, Inc. (the "Company") filed a Form 8-K to announce that David W. Asai had been named Chief Financial Officer of the Company. This Form 8-K/A is filed to report that on October 18, 2005, the Companys Compensation Committee approved an annual salary of $190,000 for Mr. Asai.
