TLC Vision Corporation (NASDAQ: TLCV) (TSX: TLC) announced today that, on September 16, 2009, it received letters from The Nasdaq Stock Market indicating that, for the last 30 consecutive business days, the Company's common stock has not maintained a minimum value of publicly held shares of $15 million as required by Marketplace Rule 5450(b)(2)(C) or 5450(b)(3)(C) (the "MVPHS Rule") and the bid price of the Company's common stock has closed below the minimum $1.00 per share requirement for continued inclusion under Marketplace Rule 5450(a)(1) (the "Minimum Bid Price Rule"). Therefore, in accordance with Marketplace Rule 5810(c)(3)(D), the Company will be provided 90 calendar days, or until December 15, 2009, to regain compliance with the MVPHS Rule and, in accordance with Marketplace Rule 5810(c)(3)(A), the Company will be provided 180 calendar days, or until March 15, 2010, to regain compliance with the Minimum Bid Price Rule. The Nasdaq letters state that if, at any time before December 15, 2009, the minimum value of publicly held shares of the Company's common stock is $15 million or more for a minimum of 10 consecutive business days, Nasdaq staff will provide written notification that the Company has achieved compliance with the MVPHS Rule and if, at any time before March 15, 2010, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq staff will provide written notification that the Company has achieved compliance with the Minimum Bid Price Rule.
The Nasdaq letters also state that, if the Company does not regain compliance with the MVPHS Rule by December 15, 2009 or the Minimum Bid Price Rule by March 15, 2010, Nasdaq staff will provide written notification that the Company's securities will be delisted. At that time, the Nasdaq Marketplace Rules would permit the Company to appeal the Nasdaq staff's determination to delist its securities to a Nasdaq Listing Qualifications Panel. The Nasdaq Marketplace Rules would also permit the Company to make an application to transfer its securities to The Nasdaq Capital Market if the Company's securities satisfy the requirements for initial inclusion set forth in Marketplace Rule 5505, other than the minimum bid price requirement of Marketplace Rule 5505(a)(1). If such an application is approved, the Nasdaq Marketplace Rules would afford the Company an additional 180 calendar days to comply with the Minimum Bid Price Rule while on The Nasdaq Capital Market.
The Nasdaq letters of September 16, 2009 have no effect on the listing of the Company's common stock at this time.