CIMdata PLM Industry Summary Online Archive
10 October 2005
Financial News
netGuru Receives Nasdaq Notification
netGuru, Inc. received a Nasdaq Staff Deficiency letter (the "Letter") on October 5, 2005, indicating that the Company is not in compliance with the $1.00 minimum closing bid price requirement for continued listing on The Nasdaq Capital Market as set forth in Marketplace Rule 4310(c)(4) (the "Rule").
The Letter also stated that, in accordance with Marketplace Rule 4310(c)(8)(D), netGuru will be provided 180 calendar days, or until April 3, 2006, to regain compliance. In accordance with Marketplace Rule 4310(c)(8)(E), if at any time before April 3, 2006, the bid price of the Company's common stock closes at or above $1.00 per share for a minimum of ten consecutive business days, the Company will be provided written notice that it complies under the Rule.
If compliance with the Rule cannot be demonstrated by April 3, 2006, the Staff will determine whether netGuru meets The Nasdaq Capital Market initial listing criteria set forth in Marketplace rule 4310(c), except for the bid price requirement. If the Company meets the initial listing criteria, the Company will be given notice that it has been granted an additional 180 calendar-day period to comply with the Rule. If it is determined that the Company is not eligible for this additional compliance period, the Company will be provided written notice that its securities will be delisted. At that time, the Company may appeal to a Listing Qualifications Panel the Staff's determination to delist its securities.
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