This morning, Fountain’s stock was listed at 33 cents per share. Its 52-week high and low are $1.93 and 22 cents.
In suspending Fountain, the exchange noted that the company had “sustained losses that were so substantial in relation to its overall operations or its existing financial resources, or its financial condition had become so impaired” that it was questionable whether the company would be able to continue operations.
Based on the exchange’s review of the company’s annual report, it determined Fountain was not in compliance because its stockholders’ equity was less than $2 million, and it had incurred losses from continuing operations and net losses in two of the three most recent fiscal years.
Earlier this week, Fountain received notice from the exchange that the company had not made a reasonable demonstration of its ability to regain compliance within the allotted time, and Fountain also was not in compliance because the aggregate market value of its publicly held shares has been less than $1 million for more than 90 consecutive days.