Nova Biosource Fuels (NBF) Receives Notice From NYSE AMEX LLC

Nova Biosource Fuels has received a notice from NYSE AMEX LLC regarding a late Form 10-Q. Nova has not filed its Form 10-Q for January 31, 2009, and its listing on the stock exchange is threatened unless it submits a plan to get back into compliance.

Here’s how Nova Biosource Fuels responded to the notice (from a company press release):

The Company was unable to timely file its Form 10-Q for the period ended January 31, 2009 due to the Company’s staffing and financial limitations. However, the Company intends to attempt to file the Form 10-Q for the period ended January 31, 2009 on or before April 15, 2009.

In the same press release, Nova also announced that it has negotiated a deal with some of its creditors to

"waive certain covenant defaults under the Credit Facility and the requirement of Nova Biofuels Seneca to make its scheduled principal and interest payments previously due on March 20, 2009 until March 27, 2009 while the parties continue to evaluate the Credit Facility and the project’s financial condition and working capital requirements."

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