Blonder Tongue Laboratories Inc. (BDR) after announcing receipt of Delisting from NYSE, fell down by 33.22% in the after-hours on Friday.
In the previous trading session, the stock was up by 2.06%, closing at $0.8685 with 602.81K shares on December 10. Following the announcement, the stock went down to $0.58 in the after-market.
The technology manufacturer, Blonder Tongue Laboratories Inc. (BDR) was founded in 1950. Currently, the 12.82 million outstanding shares of BDR, trade at a market capitalization of $11.14 million.
Delisting Notice from NYSE
On December 10, the company announced receiving a delisting notice from the staff of NYSE Regulation. The reason for this delisting was the company’s inability to regain compliance with Sections 1003(a)(i), (ii), and (iii) of the NYSE guide. According to the mentioned sections, if a company has a history of losses from continued operations, it is supposed to maintain a specific level of stockholder’s equity. The 18-month compliance period for which expired on December 10, for BDR.
Further, the company announced to file for an appeal to the staff’s determination. Moreover, the letter further stated that the company’s shares will continue listing and trading on NYSE during the pendency of BRD’s appeal. In addition, if the staff finds suspending trading of the company’s shares in the interest of the public, it can do so at any time.
BDR’s NXG Platform Update
On November 29, BDR announced adding a new update to its NGX video delivery platforms. The NXG solutions are module-based IP digital video processing platforms that are highly customizable.
As per the new update, the BDR platforms will now provide more video delivery options with less hardware use and possible smaller form factors. This is achieved by the configuration of IP inputs or outputs through a new, built-in IP connection on the NGX Master Controller. Further, these updates will also decrease separate IP module needs, resulting in additional processing functions, encoding or transcoding, etc. within the platform. Hence it will reduce rack-space, cost, and power use.
Moreover, a higher-level security protection configuration is also possible in the BDR platforms now. This will allow remote access through discreet IP Whitelisting.
BDR’s Financials
On October 22, the company announced its financial results for the third quarter of 2021. In the third quarter of 2021, BDR reported net sales of $4,172,000, compared to $4,171,000 in the Q3 of 2020.
Furthermore, the reported net loss was $201,000 for the Q3 of 2021, against $1,787,000 in the year-ago quarter. Consequently, the net loss per diluted share was $0.02 in Q3 of 2021, against $0.18 in Q3 of 2020.
