WorldGate Communications (WGAT) Receives Delisting Notification From NASDAQ
In Today's 8-K Filing From WorldGate Communications Inc. (Nasdaq: WGAT): On April 11, 2007 the Company received a notice from the staff of the Nasdaq Stock Market stating that the Company does not comply with Marketplace Rule 4310(c)(2)(B). This rule requires the Company to have a minimum of $2,500,000 in stockholders' equity or $35,000,000 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. The notice stated that the staff is reviewing the Company's eligibility for continued listing on The Nasdaq Capital Market.
Nasdaq requested in this notice that the Company provide on or before April 26, 2007 the Company's specific plan to achieve and sustain compliance with all of The Nasdaq Capital Market listing requirements, including the time frame for completion of the plan. If, after the conclusion of the review process, Nasdaq determines that the Company's plan does not adequately address the issues noted, Nasdaq will provide written notification that the Company's securities will be delisted. At that time, the Company may appeal the decision to a Nasdaq Listing Qualifications Panel.
On April 17, 2007, the Company received a notice from the staff of the Nasdaq Stock Market indicating that for the last 30 consecutive business days, the bid price of its common stock, $0.01 par value, has closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market pursuant to Marketplace Rule 4310(c)(4). In accordance with Marketplace Rule 4310(c)(8)(D), the Company has 180 calendar days from the date of notification to achieve compliance.
Create E-mail AlertRelated Categories
Corporate NewsStocks Mentioned
+0.00Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
