TLC Vision receives notification of noncompliance from Nasdaq

ST. LOUIS — The Nasdaq stock market has notified TLC Vision of noncompliance with its minimum bid price and minimum value rules, TLC Vision announced in a press release.

Specifically, the Nasdaq staff notified the company that for the past 30 days its common stock has dropped below the minimum value of $15 million for publicly held shares and that the bid price for its common stock has dipped below the minimum tender value of $1 per share.

The exchange will grant TLC Vision 90 calendar days, or until Dec. 15, to regain compliance with the minimum market value rule (MVPHS Rule). The company will also be provided 180 calendar days, or until March 15, 2010, to regain compliance with the Minimum Bid Price Rule, according to the release.

If the minimum value for TLC Vision's publicly held shares and bid price value achieve and maintain compliance for a minimum of 10 business days at any time before both deadlines are reached, the Nasdaq staff will provide written notification that the company has reached compliance, the release said. However, if TLC Vision does not attain compliance with the MVPHS Rule or Minimum Bid Price Rule, Nasdaq will begin delisting procedures.

At that time, TLC Vision would retain the option to appeal the delisting decision before a Nasdaq listing qualifications panel. If the company's securities satisfy its inclusion requirements, the Nasdaq marketplace rules would also allow the company to apply to transfer its securities to the Nasdaq capital market. If approved, TLC Vision would be permitted an additional 180 calendar days to comply with the Minimum Bid Price Rule while on the Nasdaq capital market, according to the release.

The noncompliance notification currently has no effect on the listing of TLC Vision's common stock.