Aptimus, Inc., an online direct marketing network, has asked for a hearing before Nasdaq to challenge a delisting notice it received last week. It also has retained Dain Rauscher Wessels, an investment banking firm, to explore sale or merger options.
The Seattle-based firm said it was informed by the Listing Qualifications unit of Nasdaq that it would be delisted because of its inability to maintain a $1 minimum price over periods required by Nasdaq rules.
“We have been expecting this action from Nasdaq for several months given market conditions, and we are prepared to appeal the decision through the proper channels,” said Tim Choate, CEO of Aptimus, in a statement. “Nasdaq has been forced to take this step by rules that do not look beyond stock price.”
The stock will continue to be traded on the Nasdaq National Marketing pending the appeal.
The firm’s problems include ” the negative sentiment in the markets toward our business sector, and the challenges we face in the early stages of developing our network model,” Choate added.
