Aksys seeks extension on Nasdaq compliance

By Elaine Rigoli

Tampa, Fla., Sept. 1 - Aksys, Ltd., at a hearing before a Nasdaq Listing Qualifications Panel, presented a plan of compliance and requested that the panel grant the company until Oct. 31 to demonstrate the company's return to compliance with listing standards.

As part of the plan of compliance, the company's largest stockholder, Durus Life Sciences Master Fund Ltd., has indicated a willingness to convert shares of series B preferred stock of the company into shares of common stock as well as senior notes for shares of the company's common stock to the extent necessary to establish compliance with the market capitalization listing requirement.

The series B preferred stock is convertible into common stock at a price of $1.00 per share and Durus has agreed that it would convert any debt at a price equal to the greater of $1.00 per share and the 20-day average stock price for the company's common stock at the time of conversion.

Based in Lincolnshire, Ill., Aksys develops hemodialysis products and services for patients suffering from kidney failure.

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