Last night VocalTec reported they received a notice from the Nasdaq that they are not in compliance with marketplace rules that stipulate the minimum stockholder equity or market value of their shares. Nasdaq is reviewing the company’s eligibility for continued listing on The Nasdaq SmallCap Market.
The Company has been requested to provide Nasdaq by August 26, 2005 the company’s plan to achieve and sustain compliance with all Nasdaq SmallCap Market listing requirements. If following review of such plan Nasdaq determines that the company’s plan is inadequate, Nasdaq will provide written notification that the company’s securities will be delisted. The Company may appeal Nasdaq’s decision to a Nasdaq Listing Qualifications Panel. The Company is considering its alternatives, including quotation on the OTC Bulletin Board.
This is more bad news from VocalTec, the company I wrote about this morning before I saw this latest announcement.