Apr, 2002 : AppliedTheory Notified of Nasdaq Delisting
📅 - Managed Web hosting provider AppliedTheory (appliedtheory.com) announced on Friday that it has received notification from the Nasdaq Stock Market that the company's securities have been delisted from the market as of the opening of business on April 26, 2002.
The Nasdaq's determination came shortly after AppliedTheory announced on April 17, 2002 that it has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
That filing included the announcement that AppliedTheory has entered into separate agreements with FASTNET Corporation to purchase the company's network business, and with ClearBlue Technologies Inc., to purchase AppliedTheory's managed hosting services business. Both of these contracts are subject to certain process in the Chapter 11 hearing.
AppliedTheory says it has made efforts to assure customers that the company will remain operationally strong and committed to providing quality customer service. The company says it will maintain its strong position in the managed hosting and related applications development industry, with large customers including federal and state government agencies, heath care organizations and education institutions.
"We have made the decision to not appeal Nasdaq's determination in keeping with our priority focus on maintaining customer satisfaction and loyalty so we may successfully complete the reorganization of our capital structure as quickly as possible," says Danny E. Stroud, the company's CEO.
According to AppliedTheory, if the company's shares do not continue to be listed on the Nasdaq National Market, any trading might be conducted in the over-the-counter market or on the OTC Bulletin Board established for securities that do not meet the Nasdaq's listing requirements.
The company says it does not know if or when it will make any such determinations regarding its trading stock.
The Nasdaq's determination came shortly after AppliedTheory announced on April 17, 2002 that it has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
That filing included the announcement that AppliedTheory has entered into separate agreements with FASTNET Corporation to purchase the company's network business, and with ClearBlue Technologies Inc., to purchase AppliedTheory's managed hosting services business. Both of these contracts are subject to certain process in the Chapter 11 hearing.
AppliedTheory says it has made efforts to assure customers that the company will remain operationally strong and committed to providing quality customer service. The company says it will maintain its strong position in the managed hosting and related applications development industry, with large customers including federal and state government agencies, heath care organizations and education institutions.
"We have made the decision to not appeal Nasdaq's determination in keeping with our priority focus on maintaining customer satisfaction and loyalty so we may successfully complete the reorganization of our capital structure as quickly as possible," says Danny E. Stroud, the company's CEO.
According to AppliedTheory, if the company's shares do not continue to be listed on the Nasdaq National Market, any trading might be conducted in the over-the-counter market or on the OTC Bulletin Board established for securities that do not meet the Nasdaq's listing requirements.
The company says it does not know if or when it will make any such determinations regarding its trading stock.
Reads: 1084 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/app042602.cfm
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