Dec 16, 2002 : Digex Receives Nasdaq Delist Notice

📅 December 16, 2002 - Web hosting provider Digex Incorporated (digex.com) announced on Friday that it received a letter from the Nasdaq Listings Qualifications Department indicating that the company is subject to delisting from the Nasdaq SmallCap Market as a result of its failure to regain compliance with the minimum $1 per share bid price requirement.

"We have requested a hearing to appeal the Staff's determination," says George Kerns, Digex president and CEO. "Regardless of the outcome, we will continue with initiatives to further grow the company and ultimately meet the criteria. It is also important to note that this process and the outcome will not affect our day-to-day operations and does not change our previously announced exploration of strategic alternatives."
Digex says it is not eligible for an additional 180 day grace period, because it does not meet the initial listing criteria for the SmallCap Market.
The company says it has requested a hearing before the Nasdaq Listing Qualifications Panel to review the Listing Qualifications Department's determination. The hearing is expected to be scheduled within 25 days of the request's filing. If delisted, Digex says it would seek to have its Class A common stock traded in the over-the-counter market via the electronic bulletin board.

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URL source: http://www.thewhir.com/marketwatch/dig121602.cfm
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