Jul 18, 2002 : Digex Faces Possible Nasdaq Delisting

📅 July 18, 2002 - Managed hosting provider Digex Incorporated (digex.com) announced on Wednesday that it has received notice from the Nasdaq stock market indicating that the price of the company's common stock had fallen below the minimum $1 per share requirement for continued inclusion in the marketplace.

According to Nasdaq rules, the company has until September 5, 2002 to regain compliance by closing at or above the minimum price of $1 for a minimum of 10 consecutive trading days.
Under certain circumstances, says Digex, to ensure that a company can sustain compliance, the Nasdaq may require that a company maintain a closing bid price of $1 per share for more than 10 days before determining that it complies.
Digex says it expects to apply for transfer to the Nasdaq SmallCap Market. To transfer, the company has to satisfy the inclusion requirements for the SmallCap Market, which would then grant Digex an extended grace period in which to meet the $1 bid requirement. If the transfer application is approved, Digex will be granted the 180 calendar day SmallCap Market grace period, until December 4.

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