SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported): May 9, 2011
FONAR CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-10248 11-2464137
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
110 Marcus Drive
Melville, New York 11747
(631) 694-2929
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(Address, including zip code, and telephone number
of registrant's principal executive office)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 8.01: Other Events
As discussed in our Current Report on Form 8-K filed with the Securities and
Exchange Commission on January 18, 2011, we requested a hearing before the
Listing Qualifications Panel (the "Panel") of The NASDAQ Stock Market
("NASDAQ"). At the hearing on February 24, 2011, we requested the continued
listing of our securities on The NASDAQ Capital Market pursuant to an extension
within which to regain compliance with the applicable minimum $2.5 million
stockholders' equity requirement for continued listing on NASDAQ, and on March
17, 2011, the Panel granted our request subject to the satisfaction of certain
conditions.
In accordance with the terms of the Panel's decision, on or before May 11,
2011, we are required to demonstrate compliance with all applicable
requirements for continued listing on NASDAQ and, in particular, must publicly
announce stockholders' equity of at least $2.5 million and provide the Panel
with an update regarding the components of the Company's plan to evidence
continued compliance with the minimum stockholders' equity requirement through
2011. In that regard, we believe we satisfy the minimum $2.5 million
stockholders' equity threshold as of the date of this filing. The basis for
our belief that we satisfy the minimum equity threshold is that we successfully
completed an equity offering of $6 million on May 2, 2011, as described in Note
14 (Subsequent Events) to the Financial Statements in our Form 10-Q for the
quarter ended March 31, 2011 and in the Liquidity and Capital Resources section
of Management's Discussion and Analysis of Financial Condition and Results of
Operations.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FONAR CORPORATION
(Registrant)
By: /s/ Raymond Damadian
Raymond Damadian
President and Chairman
Dated: May 10, 2011