OWINGS MILLS, Md., Sept. 4, 2020 /PRNewswire/ -- Universal Security Instruments, Inc. (AMEX:UUU) today announced that on August 31, 2020, Universal Security Instruments, Inc. (the "Company") received a letter from NYSE American LLC (the "Exchange") stating that the Exchange has determined that the Company is not in compliance with Section 1003(a)(iii) of the Exchange's Company Guide (the "Company Guide") as the result of the Company's failure to maintain Stockholders' equity of $6.0 million after reporting losses from continuing operations and/or net losses in its five most recent fiscal years.
The Exchange has informed the Company that the Company must submit a plan (the "Plan") by September 30, 2020 advising the Exchange of actions the Company has taken or will take to regain compliance with the continued listing standards by February 28, 2022 (the "Plan Period"). The Plan should include specific milestones, quarterly financial projections and details related to any strategic initiatives the Company intends to complete. If the Plan is accepted by the Exchange, then the Company will be able to continue its listing during the Plan Period, during which time the Company will be subject to periodic review to determine whether it is making progress consistent with the Plan. If the Company does not submit a Plan, or if the Company's Plan is not accepted by the Exchange, then the Company will be subject to delisting proceedings. Furthermore, if the Plan is accepted by the Exchange, but the Company is not in compliance with the continued listing standards of the Company Guide by February 28, 2022, or if the Company does not make progress consistent with the Plan during the Plan Period, then the Exchange staff will initiate delisting proceedings as appropriate. The Company is working diligently to prepare and execute its Plan to regain compliance with the Company Guide.