Granite City Food & Brewery Receives Nasdaq Deficiency Letter
Granite City Food & Brewery Ltd. (Nasdaq:GCFB) announced today that on November 14, 2011 it received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market notifying the Company that it is not in compliance with the continued listing rules of the Nasdaq Capital Market.
Granite City Food & Brewery Ltd. (Nasdaq:GCFB) announced today that on November 14, 2011 it received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market notifying the Company that it is not in compliance with the continued listing rules of the Nasdaq Capital Market. The letter stated that the Company's stockholders' equity as reported in its Form 10-Q for the period ended September 27, 2011 fell below the minimum stockholders' equity requirement of $2,500,000 as set forth in Nasdaq Listing Rule 5550(b)(1). As of September 27, 2011, the Company reported stockholders' equity of $2,232,409.
Under Nasdaq Listing Rules, the Company has 45 calendar days from November 14, 2011 to submit a plan to regain compliance. If Nasdaq accepts the plan, it may grant an extension of up to 180 calendar days from November 14, 2011 to regain compliance. If Nasdaq does not accept the plan, the Company will have the opportunity to appeal that decision to a Hearings Panel. The Company is currently evaluating various courses of action to regain compliance with the continued listing rules and intends to timely submit a plan to Nasdaq. The Company's plan may include the sale of additional equity securities and plans to attain improved operating performance.
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