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News >> Technology >>
netGuru applies to trade on the Nasdaq SmallCap Market
By siliconindia
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Tuesday, 16 September 2003, 19:30 IST
YORBA LINDA: netGuru Inc., an integrated information technology and services company, today announced that it has applied to transfer the listing of its common stock to The Nasdaq SmallCap Market from The Nasdaq National Market.
Amrit Das, chairman & CEO of netGuru said: "When Nasdaq notified us on September 8, 2003 that the company must regain compliance with the minimum stockholders' equity requirement for continued listing on The Nasdaq National Market, we decided that it would be prudent to move to The Nasdaq SmallCap Market at this time. This avoids expending what would likely be significant time and expense toward an uncertain outcome and puts the company in the segment of the Nasdaq market that reflects our current stockholders' equity position."
The company received a Nasdaq staff determination letter on Sept. 8, 2003 indicating that the company did not comply with the stockholders' equity requirement for continued listing set forth in Marketplace Rule 4450(a)(3).
It is anticipated that the company will transfer its listing to The Nasdaq SmallCap Market. Following a transfer of the company's listing to The Nasdaq SmallCap Market, netGuru shareholders would continue to have access to current trading information, including trade, bid and ask quotations and share volume. In addition, daily closing prices quotations would continue to be available to investors through brokerage terminals, financial Web sites and Nasdaq's Web site.