Verticalnet receives new delisting notice from Nasdaq
For the second time this year, Verticalnet Inc., of Malvern, said it received a delisting notice from the Nasdaq Stock Market. The company has requested a hearing from Nasdaq to appeal the decision.
For the second time this year, Verticalnet Inc., of Malvern, said it received a delisting notice from the Nasdaq Stock Market. The company has requested a hearing from Nasdaq to appeal the decision.
The Nov. 28 notice says Verticalnet is not in compliance with Nasdaq Capital Market requirements to maintain minimum stockholders’ equity of $2.5 million, or $35 million market value of listed securities, or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.
Verticalnet announced the notice after markets closed yesterday. Shares were down 5 cents, to $2.44 in morning trading.
The business software company got a similar determination letter in May. In that case, the company regained compliance. But Verticalnet said that since the second notice has come within a year of the first, Nasdaq is not permitted to accept a plan of compliace, or grant additional time for the company to regain compliance.
Verticalnet announced in October that it is being bought for $15.2 million by a subsidiary of Italian cement company Italcementi Group.