LAKE MARY, Fla., Aug. 28 /PRNewswire-FirstCall/ -- Renewable fuels provider New Generation Biofuels Holdings, Inc. (NasdaqCM: NGBF) today announced that on August 26, 2009, it received a letter from the Nasdaq Stock Market ("Nasdaq") staff indicating that, based on the Company's stockholders equity as reported in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, the Company is no longer in compliance with the $2.5 million minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market under Listing Rule 5550(b)(1). As of June 30, 2009, the Company's stockholders' equity was approximately $0.6 million. This notification has no immediate effect on the listing or trading of the Company's common stock on The Nasdaq Capital Market.
As provided in the Nasdaq's rules, the Company has until September 10, 2009 to provide Nasdaq with a plan to regain compliance with the continued listing requirements, and we intend to submit such a plan before the deadline. If Nasdaq accepts the Company's plan, of which there can be no assurance, Nasdaq may grant the Company up to 105 days from August 26, 2009 to achieve and sustain compliance.
If Nasdaq determines that the Company's plan is not sufficient, it will provide written notice that the Company's common stock would be subject to delisting from The Nasdaq Capital Market. At such time, the Company may request a hearing before a Nasdaq Listing Qualifications Panel. In such an event, the Company's common stock would remain listed on The Nasdaq Capital Market pending a final determination by the panel.
About New Generation Biofuels, Holdings, Inc.
New Generation Biofuels is a renewable fuels provider. New Generation Biofuels holds an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternativ
|SOURCE New Generation Biofuels Holdings, Inc.|
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