Atrinsic Threatened With Nasdaq Delisting
The Nasdaq Stock Market has informed Atrinsic Inc. that the company no longer meets the minimum bid price requirement for continued listing on the Nasdaq Global Market, according to a statement from Atrinsic.
According to the desliting notice, Atrinsic’s per-share stock price has closed before Nasdaq’s $1 minimum for 30 consecutive days. The notice has no immediate effect on the listing of the company’s common stock, which will continue to trade under the symbol ATRN.
If at any time before June 22 the bid price of the Atrinsic common stock closes at $1 per share or more for a minimum of 10 consecutive business days, Nasdaq will notify the company that it has regained compliance with the minimum bid price rule.
If Atrinsic does not regain compliance before June 22, Nasdaq will notify the company that its securities are subject to delisting. However, the Company may appeal the delisting determination to a Nasdaq hearing panel and the delisting will be stayed pending the panel’s determination.
According to a statement from Atrinsic, the company intends to actively monitor the bid price for its common stock between now and June 22, and will consider available options to regain compliance with the Nasdaq minimum bid price requirements. On Dec. 31, Atrinsic’s stock closed at 65 cents per share.
Atrinsic, an Internet marketing company, provides two main offerings: Online marketing and distribution services, including customer leads, subscription-based content applications direct to users working with wireless carriers and other distributors.
Atrinsic brings together the power of the Internet, the latest in mobile technology, and traditional marketing/advertising methodologies, creating a fully integrated multi platform vehicle for the advanced generation of qualified leads monetized by the sale and distribution of subscription content, brand-based distribution and pay-for-performance advertising.
