Despite missing a stockholder equity requirement required by Nasdaq Marketplace Rule 4310(c)(2)(B), access control manufacturer International Electronics Inc. (IEI) has been granted a temporary exemption from being de-listed by Nasdaq SmallCap Market.
The original requirement was to be met by Nov. 30, 2004, but although IEI missed that deadline, the company has been given an extension until July 15, 2005. The company is listed on the Nasdaq SmallCap as IEIBC.
The company reported that if it did not meet the requirement at that time, it would no longer be listed by Nasdaq but would still be listed on the OTC-Bulletin Board.
In addition to the manufacturing and design of electronic access control products (including the Door-Gard and Secured Series product lines), IEI offers browser-managed security platforms for both the commercial and residential markets.