A delisting may be in Concero's future
Interactive television company Concero Inc. has been put on notice its stock could be delisted from the Nasdaq May 24.
The company received a Nasdaq Staff Determination yesterday. The notice calls for Concero's stock to be delisted unless the company meets the minimun bid requirement and market value of public float outlined in the Marketplace Rules 4450 (a)(2) and 4450 (a)(5). In the last 52 weeks, Concero's stock has traded as high as $1.59 a share and as low as 22 cents a share.
Concero says it will not surrender without a fight, and the company plans to appeal the notice. The hearing will most likely occur within 30 days, but Concero admits that there is no assurance that the Nasdaq Listing Qualification Panel will agree to keep the listing active. If its request is denied, Concero intends to apply to list its common stock on the Nasdaq SmallCap Market.
Following the delisting notice, Concero's shares lost 15 percent of their value. Shares were trading at 34 cents at one point in morning trading action.
Last week at the Cable 2002 show in New Orleans, Concero demonstrated its Concero Marquee software suite. The enables on-demand applications including entertainment-on-demand user interfaces, interactive advertising and promotional services.