OWINGS MILLS, Md., Nov. 23, 2016 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE MKT: UUU) (the "Company") announced today that, on November 22, 2016, the Company received a letter from NYSE MKT LLC (the "Exchange") stating that the Exchange has determined that the Company is not in compliance with Sections 134 and 1101 of the Exchange's Company Guide (the "Company Guide") due to the Company's failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 with the Securities and Exchange Commission (the "SEC"). The letter also states that the Company's failure to timely file its Quarterly Report on Form 10-Q and continued failure to timely file its Annual Report on Form 10-K are material violations of its listing agreement with the Exchange and, therefore, pursuant to Section 1003(d) of the Company Guide, the Exchange is authorized to suspend and, unless prompt corrective action is taken, remove the Company's securities from the Exchange.
The Exchange has informed the Company that, in order to maintain its listing on the Exchange, the Company must, by December 22, 2016, submit a plan of compliance (the "Plan") addressing how it intends to regain compliance with Sections 134 and 1101 of the Company Guide by February 22, 2017 (the "Plan Period"). If the Company's 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 22, 2017, 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 file the late Quarterly Report on Form 10-Q and regain compliance with the Company Guide, and currently anticipates that the late filing will be made by December 9, 2016.