The Nasdaq listing qualifications panel has granted MRI developer Fonar's request for continued listing on the Nasdaq Capital Market, with the condition that, on or before April 6, 2009, the firm file a Current Report on Form 8-K with the Securities and Exchange Commission (SEC).

In the SEC filing, Nasdaq is requiring evidence of the company's compliance with the Nasdaq shareholders' equity requirement of $2.5 million, or demonstrating its compliance with one of the alternative listing criteria.

The Melville, N.Y.-based company said it is taking steps to comply with the terms of the Nasdaq panel's decision, but there can be no assurance that it will be able to do so.