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: February 23, 2005
Commission File Number 0-16305
INTERNATIONAL ELECTRONICS, INC.
(Exact name of small business issuer as specified in its charter)
MASSACHUSETTS | 04-2654231 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification no.) |
427 Turnpike Street, Canton, Massachusetts 02021
(Address of principal executive offices, including zip code)
(781) 821-5566
(Issuer’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 (see General Instruction A.2. below):
¨ | 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 3.01 NOTICE OF DELISTING
On January 18, 2005, International Electronics, Inc. (“IEI” or “Company”) received notice from Nasdaq that IEI does not comply with Nasdaq marketplace rule 4310(c)(2)(B) which requires IEI to have a minimum of $2,500,000 in stockholders equity or $35,000,000 market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.
On February 2, 2005, IEI furnished to Nasdaq certain materials and a request for continued listing on the Nasdaq SmallCap Market. On February 17, 2005, Nasdaq determined that the Company did not provide a definitive plan evidencing its ability to achieve near term compliance with the continued listing requirements or sustain such compliance over an extended period of time. Accordingly, Nasdaq informed the Company that IEI’s securities will be delisted from the Nasdaq SmallCap Market at the opening of business on February 28, 2005.
IEI intends to appeal the Nasdaq staff determination to a Nasdaq Listings Qualifications Panel pursuant to Nasdaq Marketplace Rule 4800 Series. Such a hearing request will stay the delisting of IEI securities pending the Panel’s decision.
SIGNATURE
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 thereunto duly authorized.
Date: February 23, 2005 | INTERNATIONAL ELECTRONICS, INC. | |||
By: | /s/ John Waldstein | |||
John Waldstein | ||||
President, Chief Executive Officer, | ||||
Chief Financial Officer and Treasurer |