13 Mar Sonic Foundry gets first Nasdaq delisting warning
Madison, Wis. – Due to its inability to meet listing qualifications, Sonic Foundry, a Madison-based rich media company, announced that it has received an initial delisting warning from the Nasdaq Stock Market.
The notice gives Sonic Foundry until Sept. 8, 2008, to regain compliance that requires the firm’s stock price to close at $1 or more for 10 consecutive trading days.
The failure to accomplish this in the 180-day window might result in the removal of the firm’s stock from Nasdaq Global Market to the Nasdaq Capital Market, formerly known as the Nasdaq SmallCap Market.
Sonic Foundry received the initial delisting notice March 10 from the Nasdaq Listing Qualifications Department. Prior to that, the bid price for the company’s common stock had closed below the $1 per share minimum for 30 consecutive business days.
The company said it was weighing its options in the event the stock price failed to trade at the required level.
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