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Koss receives delisting warning from Nasdaq; Health Payment Systems moves HQ to larger space; M&I employees join Habitat for Humanity project

Koss receives delisting warning from Nasdaq

Koss Corp. has received notice from the Nasdaq Stock Market that the company no longer meets the minimum 750,000 publicly held shares requirement in the stock exchange’s rules.

Based on the company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on Sept. 4, Nasdaq’s staff calculated the number of the company’s publicly held shares as 688,896. For purposes of the listing requirement, publicly held shares means total shares outstanding less any shares held by officers, directors, or beneficial owners of 10 percent or more.

Under Nasdaq’s listing rules, Koss has 15 calendar days to submit a plan to Nasdaq to regain compliance. If the compliance plan is accepted, Nasdaq can grant an extension of up to 105 calendar days for Koss to evidence compliance. If the compliance plan is not accepted, Koss will have the opportunity to appeal that decision to Nasdaq’s Listing Qualifications panel.

The Milwaukee-based headphone manufacturer is currently considering actions that will allow it to regain compliance with the Nasdaq continued listing standards and maintain its Nasdaq listing.

If Koss is unsuccessful in maintaining its Nasdaq listing, then the company may pursue listing and trading of Koss’s common stock on the Over-The-Counter Bulletin Board or another securities exchange.

Health Payment Systems moves HQ to larger space

Health Payment Systems Inc. (HPS) has moved its corporate headquarters to a larger office space in downtown Milwaukee.

The company, which accelerates payments to health care providers in exchange for reducing health care costs for self-insured employers and their employees, moved its headquarters from 411 E. Wisconsin Ave. to 735 N. Water St.

The company is now taking up 13,000 square feet of office space, which consists of most of the third floor of the 735 N. Water St. building. At 411 E. Wisconsin Ave. the company had only 4,900 square feet of space.

HPS was formed about two years ago and started with nine employees. The company now has 25 full-time employees and three part-time employees.

"We are tripling our office space requirements due to our continuing growth," said Bruce Lefco, chairman and chief executive officer of HPS. "We’ve also tripled the size of our staff since we’ve started, and plan on adding additional staff this year. Our self-insured employer-clients are extremely satisfied with our successes and savings and are telling their colleagues about us. Our current growth, although phenomenal, is being addressed by our planning and cutting edge IT systems. We’ve taken out the confusion and headaches related to the payment of health services with our unique super explanation of benefits form. This has propelled us far ahead of other, less efficient health care payers."

M&I employees join Habitat for Humanity project

Marshall & Ilsley Corp. employees volunteered with Milwaukee Habitat for Humanity (MHH) on Sept. 12 at six construction projects in Milwaukee’s Amani neighborhood near the intersection of North 27th Street and West North Avenue as part of its annual M&I Community Day initiative.

M&I employees installed insulation and drywall, painted, repaired porches, and landscaped at six MHH homes. The insulation they installed, “Green Jeans”, is made from recycled blue jeans and is an environmentally friendly alternative to insulate the homes.

In addition, homeowners were presented with a piggy bank from M&I Bank and an autographed basketball from the Milwaukee Bucks’ guard Brandon Jennings.  

“When we learned about Habitat for Humanity’s need for volunteers to work on several houses in Milwaukee’s Amani neighborhood, we knew the project would be a good fit for our annual M&I Community Day activity," said Mark Furlong, president and CEO, Marshall & Ilsley Corporation. "We look forward to the opportunity to make a difference in the lives of local families who benefit from the services offered by Habitat for Humanity."


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