Vaughan Foods will be delisted from the Nasdaq after failing to maintain the minimum share price of US$1 for 30 consecutive days.
In September, the refrigerated foods group was given a 180-day grace period to regain Nasdaq compliance.
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However, the company failed to boost its share value and this week Nasdaq officials notified Vaughan that it will be delisted from the Nasdaq Capital Market on 24 March.
Vaughan indicated that it does not plan to appeal Nasdaq’s decision.
Instead, the company said that it would direct its efforts toward improving its performance and executing its business plan.
Shares in the company will be traded on the OTC Bulletin Board.
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