tHE SUSPENSION OF LISTING REQUIREMENTS by Nasdaq in September served as a reprieve for a number of direct marketing-related firms, including one on the verge of being delisted.
Aptimus, a Seattle-based Internet advertising and marketing services firm, had been given notice by Nasdaq in July that it was in danger of non-compliance.
"We were pretty far along in the appeals process, and time was running thin on us," said John Wade, chief financial officer for Aptimus.
Nasdaq's board suspended the exchange's minimum bid price and public float values through Jan. 2,2002 in response to the attacks of Sept. 11.
The board's actions "will provide a greater stability to the marketplace during these times of economic uncertainty," Nasdaq chairman and chief executive officer Wick Simmons said in a statement.
Before the board's decision, companies that had at least $4 million in net tangible assets had minimum stock price requirements of $1 and had to have at least 750,000 shares floated publicly.
Those that did not have at least $4 million in net tangible assets needed to maintain a minimum stock price of $5, and 1.1 million shares floated publicly. Companies that did not meet the requirements for 30 consecutive business days were given 90-day grace periods to bring their stock back in line.
As for Aptimus, "Our understanding is that we are on hold, which is very good news," Wade said. "We will be listed through the end of this year."
Wade added, "We have spent the last nine months retrenching, cutting back, doing everything we could," he said. "We are done cutting back, and now we are ready to grow our business."
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