Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 14, 2021, Technical Communications Corporation (the "Company")
received a delisting determination letter from the Listing Qualifications
department of the Nasdaq Stock Market ("Nasdaq"), notifying the Company that
because the Company had informed Nasdaq it would be unable to provide a plan to
regain compliance with Listing Rule 5550(b) (the "Rule") within the required
timeframe, trading of the Company's common stock will be suspended at the
opening of business on January 25, 2021. Nasdaq also indicated it will file a
Form 25-NSE with the Securities and Exchange Commission, which will remove the
Company's securities from listing and registration on the exchange.
Previously on December 31, 2020, the Company received notice from Nasdaq that
because the Company failed to maintain a minimum of $500,000 in net income from
continuing operations in the most recently completed fiscal year, or two of the
last three fiscal years, and since the Company did not meet the alternatives of
market value of listed securities or stockholders' equity, the Company no longer
complied with Listing Rule 5550(b) for continued listing. The Company
subsequently determined it would be unable to regain compliance with the Rule
within the specified timeframe and informed Nasdaq on January 13, 2021 that it
would not be submitting a compliance plan.
Item 9.01 Financial Statements and Exhibits.
a. Financial statements of businesses acquired. Not applicable.
b. Pro forma financial information. Not applicable.
c. Shell company transactions. Not applicable.
d. Exhibits. Not applicable.
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