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News >> Technology >>
netGuru moves to the Nasdaq SmallCap Market
By siliconindia
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Friday, 10 October 2003, 19:30 IST
CALIF: netGuru Inc., an integrated information technology and services company, has announced that its application to transfer the listing of its common stock from The Nasdaq National Market to The Nasdaq SmallCap Market has been approved.
The transfer came into effect on Thursday, Oct. 9, 2003, and the stock continued to trade under the symbol "NGRU."
netGuru transferred its listing to The Nasdaq SmallCap Market because, as of March 31, 2003, netGuru's stockholders' equity had declined below the $10 million minimum requirement for continued listing on The Nasdaq National Market. With the recognition of $5.8 million impairment to IT services goodwill in fiscal 2003 pursuant to recent accounting changes, along with its operating loss in fiscal 2003, netGuru's stockholders' equity had declined below the required level. After transferring to The Nasdaq SmallCap Market, netGuru will be required to maintain $2.5 million in shareholders' equity. As of June 30, 2003, netGuru's stockholders' equity was $4.989 million.
Amrit Das, Chairman & CEO of netGuru said, "We believe the move to The Nasdaq SmallCap Market imposes no restrictions on management's ability to pursue the goals and objectives of netGuru, nor does it diminish our shareholders' ability to benefit from the convenience and trading dynamics of The Nasdaq Stock Market."