UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 18, 2009
FORGENT NETWORKS, INC.
(Exact name of registrant as specified in its charter)
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Delaware | 000-20008 | 74-2415696 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
108 Wild Basin Road
Austin TX, 78746
(Address of principal executive offices and Zip Code)
(512) 437-2700
(Registrant’s telephone number, including area code)
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 CFR230.425)
[ ] 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 3.01 |
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
Failure to Satisfy a Listing Rule.
On November 18, 2009, Forgent Networks, Inc. (the “Company”) received notice from Nasdaq Stock Market stating that it was not in compliance with the $1.00 per share minimum bid requirement and that the stock would be delisted from the Nasdaq Capital Market by November 30, 2009. On November 18, 2009, Nasdaq also granted the Company a hearing to appeal Nasdaq’s decision. Delisting will be suspended pursuant to the hearing which is scheduled for December 10, 2009. On December 17, 2009, the Company will ask shareholders to vote on a 10- for-1 reverse stock split which the Company believes will satisfy Nasdaq’s minimum bid requirement.
| Item 9.01 |
Financial Statements and Exhibits.
| (d) |
Exhibits
Exhibit |
| Description |
| 99.1 |
Press Release, dated November 20, 2009, entitled “Asure Software Announces Receipt of Letter From Nasdaq to Delist Securities and Nasdaq's Subsequent Grant of Hearing”
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 23, 2009
FORGENT NETWORKS, INC.
By: /s/ David Sandberg
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David Sandberg
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Chairman
For Immediate Release
Asure Software Announces Receipt of Letter from Nasdaq to Delist Securities and Nasdaq’s Subsequent Grant of Hearing Request to Appeal Its Decision
Austin, Texas, November 20, 2009. Asure Software (NASDAQ: ASUR), a leading provider of workforce management software, announced that on November 18, 2009, it received a letter from Nasdaq stating that due to not satisfying the minimum $1.00 bid price per share requirement per Listing Rule 5810(c)(3)(A)(i), its stock would be delisted from Nasdaq’s Capital Markets by November 30, 2009. However, on November 18, 2009, Nasdaq also granted Asure Software a hearing request to appeal the Nasdaq staff’s decision. The hearing is currently scheduled to be held on December 10, 2009 and delisting will be suspended pursuant to the hearing.
On December 17, 2009, Asure’s shareholders will be asked to vote on a proposal to effect a 10-for-1 reverse split which – if approved – Asure believes will satisfy Nasdaq’s minimum bid price per share requirement. Asure intends to present this information to Nasdaq’s Hearings Panel in December in an effort to pursue continued listing on Nasdaq’s Capital Markets.
About Asure Software
Headquartered in Austin, Texas, Asure Software, (d/b/a of Forgent Networks, Inc.), empowers small to mid-size organizations and divisions of large enterprises to operate more efficiently, increase worker productivity and reduce costs through a comprehensive suite of on-demand workforce management software and services. Asure’s market-leading suite includes products that optimize workforce time and attendance tracking, benefits enrollment and tracking, pay stubs and W2 documentation, expense management, and meeting and event management. With additional offices in Warwick, Rhode Island, Vancouver, British Columbia, and Mumbai, India, Asure serves 3,500 customers around the world. For more information, please visit www.asuresoftware.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements in this press release regarding Asure's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such risks and uncertainties, which include those associated with continued listing of the Company's securities on the NASDAQ Capital Market, could cause actual results to differ from those contained in the forward-looking statements.
For further information contact:
Lisa Flynn, Asure Software: (512) 437-2678