Aug, 2001 : AppliedTheory Plans to Appeal NASDAQ Delisting
📅 - AppliedTheory Corp.(appliedtheory.com), an Internet services and managed Web hosting partner to hundreds of large enterprisecustomers, announced yesterday that it received aNASDAQ staff determination on Aug. 22, 2001. Thisindicated that the company has failed to comply withthe $1.00 minimum bid price required for continuedlisting of its common stock on the NASDAQ NationalMarket as required by NASDAQ Marketplace Rule4450(a)(5) or to regain compliance with that rule inaccordance with Marketplace Rule 4310(8)(B), and as aresult, the NASDAQ staff has determined to delist thecommon stock of the company from the NASDAQ NationalMarket.
The NASDAQ staff also advised the company that it doesnot meet the continued listing requirements for"public float" under Maintenance Standard 2, as setforth in Marketplace Rule 4450(b)(3).
The company has requested a hearing before a NASDAQListing Qualifications Panel to review the staffdetermination. The hearing is expected to occur within45 days of the hearing request filing. Currently thetentative hearing date is set for October 4. At thehearing, the company intends to request additionaltime to bring the company into compliance with the$1.00 minimum bid price requirement and that the Panelreconsider the NASDAQ staff determination to delistthe company's common stock from the NASDAQ NationalMarket.
Although there can be no assurance that the Panel willgrant the company's request for continued listing orthat the company's shares will continue to be listedon the NASDAQ National Market, the hearing requeststays delisting of the company's securities pendingthe Panel's decision. If the company's shares do notcontinue to be listed on the NASDAQ National Market,trading, if any, would likely be conducted in theover-the-counter market in the so-called "pink sheets"or on the OTC Bulletin Board, which was establishedfor securities that do not meet the NASDAQ StockMarket listing requirements.
"Today AppliedTheory executives are communicating withemployees and customers around the country to explainthe NASDAQ listing status. We are emphasizing thatthis equity market issue will not impact the company'soperating ability to provide service to ourcustomers," said AppliedTheory CEO Danny E. Stroud."We know that our business strategy and positioningare resulting in increasingly strong operatingresults. We are proud of our loyal and growingcustomer base and value our employees. We have everyreason to be confident in AppliedTheory's future."
The NASDAQ staff also advised the company that it doesnot meet the continued listing requirements for"public float" under Maintenance Standard 2, as setforth in Marketplace Rule 4450(b)(3).
The company has requested a hearing before a NASDAQListing Qualifications Panel to review the staffdetermination. The hearing is expected to occur within45 days of the hearing request filing. Currently thetentative hearing date is set for October 4. At thehearing, the company intends to request additionaltime to bring the company into compliance with the$1.00 minimum bid price requirement and that the Panelreconsider the NASDAQ staff determination to delistthe company's common stock from the NASDAQ NationalMarket.
Although there can be no assurance that the Panel willgrant the company's request for continued listing orthat the company's shares will continue to be listedon the NASDAQ National Market, the hearing requeststays delisting of the company's securities pendingthe Panel's decision. If the company's shares do notcontinue to be listed on the NASDAQ National Market,trading, if any, would likely be conducted in theover-the-counter market in the so-called "pink sheets"or on the OTC Bulletin Board, which was establishedfor securities that do not meet the NASDAQ StockMarket listing requirements.
"Today AppliedTheory executives are communicating withemployees and customers around the country to explainthe NASDAQ listing status. We are emphasizing thatthis equity market issue will not impact the company'soperating ability to provide service to ourcustomers," said AppliedTheory CEO Danny E. Stroud."We know that our business strategy and positioningare resulting in increasingly strong operatingresults. We are proud of our loyal and growingcustomer base and value our employees. We have everyreason to be confident in AppliedTheory's future."
Reads: 2102 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/nasdaq828.cfm
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