NetNation, Verado Receive Staff Determination Letters From Nasdaq

📅 August 20, 2001 - NetNation Communications, Inc. (netnation.com 👉 Total Reviews: 3
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👈 Official Responses: 0 -> hostway.com), a hostingand dedicated service provider, announced last week that it has received aNasdaq Staff Determination dated Aug. 16, 2001 indicating that the companyfails to comply with the minimum $35,000,000 common stock marketcapitalization required for continued listing as set forth in NasdaqMarketplace Rule 4310(2)(B)(ii), and that its securities are, therefore,subject to delisting from the Nasdaq SmallCap Market at the opening ofbusiness on Aug. 24, 2001 unless it appeals this determination.

The company intends to file an appeal and request a hearing before a NasdaqListing Qualifications Panel to review the Staff Determination and topresent the company's plan to regain compliance for continued listing. Untilthe Panel reaches its decision, NetNation's common stock will remain listedand will continue to trade on the Nasdaq SmallCap Market.
In the event that the Panel determines to delist the company's common stock,the company's common stock may continue to trade on the OTC Bulletin Board'selectronic quotation system.
Another managed hosting provider, Verado Holdings, Inc. (verado.com),announced that it has received a similar Nasdaq notice that it has notmaintained compliance with the market value of public float requirement inMarketplace Rule 4450(b)(3) and that its stock is subject to delisting.
Verado is scheduled for a hearing on Aug. 30, 2001, and will continue totrade its stock until the Panel makes a determination.