AERT receives extension from Nasdaq
Advanced Environmental Recycling Technologies (AERT), a plastics recycler and manufacturer of composite decking and railings, has been granted a 180-day extension by Nasdaq to come into compliance with the stock exchange’s listing requirements.
The Springdale, Ark.-based company, which manufactures Weyerhaeuser’s ChoiceDek product, does not currently comply with a rule requiring a minimum of $2,500,000 in stockholders' equity; or $35,000,000 market value of listed securities; or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.
AERT also previously reported a deficiency for the minimum $1 bid price. The company needs to achieve a closing bid price of $1 or above for a minimum of 10 consecutive trading days by Oct. 2, 2009. The company's shareholders have already authorized management to implement an up to 20-to-1 reverse stock split, if necessary, to regain compliance.
The company has until Dec. 23, 2009, to regain full compliance in regard to the minimum equity or net income rules.
AERT’s composite decking, made from recycled plastic and wood fibers, is sold at Lowe’s under the Weyerhaeuser ChoiceDek brand.