On June 10, 2009, we received notice of a determination of the staff of the NASDAQ Listing Qualifications Department, in accordance with Nasdaq Listing Rules 5100, 5110(b), and IM-5100-1, to:
The NASDAQ staff provided the following reasons for the delisting: the bankruptcy filing announced by us and the associated public interest concerns raised by it; concerns regarding the residual equity interest of the existing listed securities holders; and concerns about our ability to sustain compliance with all requirements for continued listing on The Nasdaq Stock Market.
- delist shares of our common stock (trading symbol: AVZA),
- suspend trading in our common stock at the opening of business on June 19, 2009, and
- file a Form 25-NSE with the Securities and Exchange Commission removing our common stock from listing and registration on The Nasdaq Stock Market.
We do not intend to request a hearing with the Nasdaq Listing Qualifications Panel to appeal the proposed delisting.