PainCare Holdings, Orlando, Fla., said it will withdraw its common stock voluntarily from the American Stock Exchange on or about May 29. The company, which provides pain-focused medical and surgical services, said it has failed to file periodic reports with the Securities and Exchange Commission, and has also not complied with certain sections of the American Stock Exchange company guide.
Last month, PainCare said it had received letters from the exchange about its failure to meet certain standards, such as not filing a form 10-K for the year ended Dec. 31, 2007, and not complying with requirements regarding stockholders equity and losses from continuing operations. After withdrawal from the AMEX, PainCares shares will be quoted over the
counter on pink sheets, the company said in a news release.
In a quarterly filing with the SEC
last November, PainCare reported revenue of $21.8 million for the nine months ended Sept. 30, 2007, a 21% drop from the same period in 2006. The company also reported a net loss of $82.4 million for the period, and said it completed the divesture of four underperforming physician practices and two surgery centers as part of a restructuring effort in the third quarter last year. PainCare has a network of acquired or managed physician practices, as well as partnerships with independent physician practices and medical institutions in the U.S. and Canada. -- by href="mailto:[email protected]">Jessica Zigmond
href="mailto:[email protected]">Jessica Zigmond