Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing;
General Employment Enterprises, Inc. (the "Company") (NYSE MKT: JOB) previously
announced that on June 6, 2013, the Company received a letter (the "Letter")
from NYSE MKT, LLC (the "NYSE MKT") which stated, among other things, that the
Company has equity less than $4 million and has sustained losses from continuing
operations and/or net losses in three of its four most recent fiscal years and,
in the opinion of NYSE MKT, it is questionable as to whether the Company will be
able to continue operations and/or meet its obligations as they mature based on
its current overall financial condition, pursuant to Sections 1003(a)(ii) and
1003(a)(iv) of the NYSE MKT's Company Guide, respectively.
General Employment's plan of compliance detailing actions which it had to take
to regain compliance with stated listing requirements (the "Impairment Plan")
was initially accepted by the Exchange on August 27, 2013, granting the Company
until October 7, 2013 (the "Impairment Plan Period") to regain compliance. By
the letters dated October 29, 2013, March 13, 2014 and April 14, 2014, the NYSE
MKT granted the Company an extension of the Impairment Plan Period until
February 21, 2014, March 31, 2014, and June 6, 2014, respectively. Based on a
review of information provided by the Company, the Exchange then granted General
Employment an extension from June 6, 2014 to December 6, 2014. The targeted
completion date to improve the overall financial condition and comply with
1003(a)(iv) and, additionally, to increase the equity to a minimum of $4 million
and comply with 1003(a)(ii) is now December 6, 2014.
The Company will be subject to periodic review by NYSE MKT staff during the
extension period and issuance of any additional shares will require approval by
NYSE MKT's senior management of the NYSE MKT LLC. Failure to make progress
consistent with the plan or to regain compliance with the continued listing
standards by the end of the extension period could result in the Company being
delisted from the NYSE MKT LLC.
A press release detailing the foregoing is furnished herewith as Exhibit 99.1
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
99.1 Press release issued by General Employment Enterprises, Inc. dated June