SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported): October 20, 2010
FONAR CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-10248 11-2464137
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
110 Marcus Drive
Melville, New York 11747
(631) 694-2929
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(Address, including zip code, and telephone number
of registrant's principal executive office)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item 3.01(a) Notice of Delisting or Failure to Satisfy a Continued Listing
Rule or Standard; Transfer of Listing.
On October 14, 2010, the Company received a notice of non-compliance from The
NASDAQ Stock Market LLC based upon the Company's non-compliance with the
minimum stockholders' equity requirement of $2.5 million for continued listing
on The NASDAQ Capital Market, as set forth in NASDAQ Marketplace Listing Rule
5550(b)(1)(the "Rule")(the "Stockholders' Equity Requirement"). The deficiency
was noted after the Company filed its Form 10-K on October 13, 2010, for the
Fiscal year ended June 30, 2010. In addition, the Company did not meet the
alternatives of market value of listed securities or net income from
continuing operations.
Under the Rules, the Company has 45 calendar days to submit a plan to regain
compliance. If the plan is accepted the NASDAQ Panel will grant an extension
of up to 180 calendar days from the date of the letter (October 14, 2010) to
evidence compliance. While the Company is hopeful that the Panel will grant
its request for continued listing on NASDAQ, there can be no assurance that
the Panel will do so.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
FONAR CORPORATION
(Registrant)
By: /s/ Raymond Damadian
Raymond Damadian
President and Chairman
Dated: October 20, 2010