PLC Systems Expects Delisting
Franklin-based medical device maker PLC Systems Inc. expects to be delisted from the American Stock Exchange within the next several weeks.
The company has not submitted a plan "that demonstrates its ability to regain compliance" with the exchange's listing standards, the company said. Once delisted, PLC will trade on the over-the-counter bulletin board.
After PLC's shareholders' equity fell below $4 million, the company was notified Sept. 17 of its failure to meet the exchange's listing qualifications. As of June 30, PLC had posted net losses and losses from operations in three out of its four prior fiscal years.
In addition to its flagship RenalGuard device for balancing fluid levels in surgery patients, PLC is also the developer of heart laser systems.
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