Medical Resources meets with NASDAQ

Imaging services provider Medical Resources of Hackensack, NJ, got at least a temporary reprieve from NASDAQ for its listing on the stock exchange, the company reported June 2. Medical Resources' NASDAQ listing was in jeopardy due to the company's inability to file its 10-K report with the Securities and Exchange Commission for 1997 financial results. The firm recently filed the report and will be able to maintain its listing, at least for the next several weeks.

NASDAQ set several conditions for the company's continued listing on the exchange. Medical Resources must file its quarterly 10-Q report for its first financial quarter (end-March) by June 12, and by July 24 must meet either NASDAQ's minimum net tangible assets requirement or an alternative requirement that its stock trade at a minimum bid of $5 a share. Medical Resources currently meets neither the tangible assets requirement nor the $5 a share requirement, although the company said it would implement a reverse stock split to meet the latter, if necessary.