Item 5.02 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
Pursuant to the Nasdaq Letter, the Company has 45 calendar days from the date of the Nasdaq Letter to submit a plan to restore compliance and intends to submit such a plan during this period. If it accepts the plan, Nasdaq may grant an extension of up to 180 calendar days from the date of the Nasdaq letter to demonstrate compliance. In the event the plan is not accepted by Nasdaq staff, or in the event the plan is granted but the company fails to regain compliance within the plan period, the company would be entitled to a hearing before an independent panel. The request for hearing would stay any stay or strike action pending the conclusion of the hearing process and the expiration of any additional extension period granted by the panel after the hearing.
The Company intends to take all reasonable steps available to regain compliance with Nasdaq listing rules and to remain listed on Nasdaq.
Neither the Nasdaq Letter nor the Company’s non-compliance has any immediate effect on the listing or trading of the Company’s common stock, which will continue to trade on the Nasdaq Capital Market under the symbol “MDIA”.
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