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Redback to appeal Nasdaq delisting decision
By siliconindia
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Wednesday, 22 January 2003, 20:30 IST
SAN JOSE: Redback Networks Inc. (Nasdaq:RBAK) said on Tuesday it would appeal a Nasdaq determination that its shares be subject to delisting from the stock exchange because they have not met the $1 minimum bid requirement.
If the appeal is unsuccessful, Redback said it would apply for transfer to the Nasdaq SmallCap Market until it meets the minimum bid pricing and other requirements of the Nasdaq National Market.
San Jose, California-based Redback, which makes broadband equipment for telecommunications companies and Internet service providers to deliver broadband services to subscribers, last week said it had been notified by the Nasdaq its shares could be subject to delisting.
Redback has been hammered by the brutal industry downturn forcing telecom companies to slash equipment spending. The company's shares had traded as high as $198.50 in March 2000, but spent much of the second half of 2002 under the Nasdaq minimum of $1.