Engage Inc. has reported third quarter revenue of $5.3 million compared to $6.1 million one year ago. The firm’s net loss increased to $7.9 million from $5.6 million.
The Andover, MA-based company also reported a gross profit of $1.6 million compared to $2.5 million. The quarter ended April 30.
Last month, Engage Inc. had been notified by Nasdaq that it did not meet requirements for continued listing on the National Market System and was subject to delisting. The company failed to comply with the $1 minimum bid price required for continued listing.
The firm requested a hearing before a Nasdaq Listing Qualifications Panel and its common stock continues to trade on the Nasdaq National Market pending the outcome of the hearing.
Engage was also notified by Nasdaq that it is not in compliance with the minimum $10 million stockholders’ equity requirement set in marketplace Rule 4450 and that it has until June 14 to regain compliance with this requirement.
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