Golden-based Isonics Corp. (ISOND) is back in the good graces of Nasdaq, but it’s not out of the woods yet.
The company received notice from the stock exchange’s hearings department last week that it once again meets the market price requirements to continue its Nasdaq listing, after its shares closed above $1 for 10 consecutive days. This morning ISOND shares were trading at $1.75, well above the required minimum, but far from their $20-plus trading range of two years ago. Last July the company’s shares hit a low of 37 cents.
Isonics — which provides homeland security products, including explosive-detection devices, and a variety of semiconductor products and services — boosted its share price last month with a 1-for-4 reverse stock split. It also announced plans to sell its loss-making life sciences division, which provides isotopes to the health care industry for cancer imaging and treatment.
Two weeks ago, Isonics Chairman, CEO and co-founder James Alexander resigned, while two other company officials with board seats were replaced with independent directors. Former Lockheed Martin executive Christopher Toffales, who owns 10% of Isonics, replaced Alexander as chairman.
The company lost $16.6 million on sales of $23.7 million during its last fiscal year, ending in April 2006.