Park City Group, Inc. (NYSE: PCYG) (NASDAQ: PCYG) said it recently received a letter from the NYSE regarding noncompliance with the exchange´s company guide requiring shareholder approval of two 2011 equity compensation plans approved by the company´s board of directors, and the failure by the company to file an application for and obtain exchange approval for the listing of securities issued pursuant to such equity compensation plans.
The company´s shareholders approved amended and restated equity compensation plans at its 2013 annual meeting of shareholders, and the exchange´s letter relates to shares issued under the plans between 2011 and the date shareholders approved the amended and restated equity compensation plans at the 2013 annual meeting. The NYSE advised the company that it is required to disclose receipt of the letter in a press release. This action will not adversely affect the company´s listing status with the NYSE.
In response to the letter, the company will request that shareholders ratify the issuances under the equity compensation plans referenced in the letter in connection with its upcoming annual meeting of shareholders.
As previously announced, the company plans to begin trading on the NASDAQ Capital Market on October 28, 2013.
Park City Group is a Software-as-a-Service provider that brings unique visibility to the consumer goods supply chain, delivering actionable information that ensures product is on the shelf when the consumer expects it as well as providing food safety tracking information.