Network Commerce Requests Nasdaq Hearing to Review Delisting
📅 - Infrastructure and services company Network Commerce Inc. (networkcommerce.com) today announced it has requested a hearing from Nasdaq to appeal a notice regarding the potential delisting of the company's common stock from the Nasdaq National Market.
The hearing request will defer the delisting of the company's securities, pending a decision by the Nasdaq Listing Qualifications Panel. In its notice to the company, Nasdaq informed Network Commerce that it had failed to maintain a minimum bid price of at least $1.00 per share in accordance with NASDAQ Marketplace Rule 4450(a)(5).
"Throughout this process, Network Commerce is continuing to provide the suite of core online business services our customers depend upon, and we are building upon those to develop our next product offerings and continue the drive toward profitability," said Dwayne Walker, Chairman and CEO of the Company, "Given our substantial base of customers and our expected achievement of profitability from non-recurring items for the quarter ending this month, we remain confident in the possibilities for our future and in the business opportunity in the online business services market." Network Commerce's common stock will remain listed and will continue to trade on the Nasdaq National Market, until the Nasdaq Listing Qualifications Panel reaches its decision. There can be no assurance as to when Nasdaq will reach a decision, or that such a decision will be favorable to the company. An unfavorable decision would result in immediate delisting, but would allow Network Commerce, if a sufficient number of market makers apply for listing, to be traded through the Over the Counter Bulletin Board.
The hearing request will defer the delisting of the company's securities, pending a decision by the Nasdaq Listing Qualifications Panel. In its notice to the company, Nasdaq informed Network Commerce that it had failed to maintain a minimum bid price of at least $1.00 per share in accordance with NASDAQ Marketplace Rule 4450(a)(5).
"Throughout this process, Network Commerce is continuing to provide the suite of core online business services our customers depend upon, and we are building upon those to develop our next product offerings and continue the drive toward profitability," said Dwayne Walker, Chairman and CEO of the Company, "Given our substantial base of customers and our expected achievement of profitability from non-recurring items for the quarter ending this month, we remain confident in the possibilities for our future and in the business opportunity in the online business services market." Network Commerce's common stock will remain listed and will continue to trade on the Nasdaq National Market, until the Nasdaq Listing Qualifications Panel reaches its decision. There can be no assurance as to when Nasdaq will reach a decision, or that such a decision will be favorable to the company. An unfavorable decision would result in immediate delisting, but would allow Network Commerce, if a sufficient number of market makers apply for listing, to be traded through the Over the Counter Bulletin Board.
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