EasyLink Requests NASDAQ Hearing to Address Non-Compliance with 10-Q Filing Requirement; Company Stock Trading under Symbol ''EA
25 Agosto 2005 - 11:00PM
Business Wire
EasyLink Services Corporation (NASDAQ: EASYE), a leading global
provider of services that power the exchange of information between
enterprises, their trading communities and their customers, today
announced that it has received notices of non-compliance with
Nasdaq Stock Market continued listing requirements. On August 23,
2005, the Company received notice from The NASDAQ Stock Market,
Inc. Listing Qualifications Staff that the Company has failed to
comply with the filing requirement for continued listing set forth
in Nasdaq Marketplace Rule 4310(c)(14) due to the Company's failure
to file its quarterly report on Form 10-Q for the three months
ended June 30, 2005 on a timely basis and that its common stock is
therefore subject to potential delisting from The Nasdaq National
Market. The Company has requested a hearing before a NASDAQ Listing
Qualifications Panel and at the hearing will request a waiver of
the compliance failure until the Company files its Form 10-Q for
the three months ended June 30, 2005. The Company previously
announced that it would not be able to file its Form 10-Q for the
quarter ended June 30, 2005 until its recently appointed
independent public accounting firm completes its review of the
Company's financial statements for the quarter and potential
adjustments relating to certain prior period expense accruals and
foreign tax liabilities have been resolved. The Company's appeal to
the Panel will automatically stay the delisting of the Company's
common stock pending the Panel's review and determination. The
Company's stock will remain listed on The NASDAQ National Market
under the trading symbol "EASYE" during the pendency of the Panel's
review and determination. On August 23, 2005, the Company also
received notice from The NASDAQ Stock Market, Inc. Listing
Qualifications Staff that for 30 consecutive trading days the bid
price of its common stock closed below the minimum $1.00 per share
required for continued inclusion under Nasdaq Marketplace Rule
4450(a)(5) (the "Minimum Bid Price Rule"). This notification from
Nasdaq has no effect on the listing of the Company's common stock
on the Nasdaq National Market at this time, and the Company has not
yet determined to take any particular action in response to this
notification. The letter from Nasdaq indicates that, in accordance
with Nasdaq Marketplace Rule 4450(e)(2), the Company has until
February 21, 2006 (180 calendar days from the date of the letter)
to regain compliance with the Minimum Bid Price Rule. The Company
may regain compliance with the Minimum Bid Price Rule if, at any
time before February 21, 2006, the bid price of its common stock
closes at $1.00 per share or more for a minimum of ten consecutive
trading days. The Nasdaq staff may, in its discretion, require the
Company to maintain a bid price of at least $1.00 per share for a
period in excess of ten consecutive business days (but generally no
more than 20 consecutive business days) before determining that the
Company has demonstrated the ability to maintain long-term
compliance. The letter states that, if compliance with the minimum
Bid Price Rule cannot be demonstrated by February 21, 2006, the
Nasdaq staff will provide written notification that the Company's
common stock will be delisted, and at that time the Company may
appeal the staff's determination to a Listing Qualifications Panel.
The letter also indicates that, alternatively, the Company may
apply to transfer its common stock to The Nasdaq SmallCap Market if
the Company satisfies the requirements for initial inclusion on the
Nasdaq SmallCap Market, other than the Minimum Bid Price Rule, and
that if the application is approved, the Company will be afforded
the remainder of the Nasdaq SmallCap Market's additional 180-day
compliance period to regain compliance with the Minimum Bid Price
Rule while on the Nasdaq SmallCap Market. This press release is
being issued pursuant to the requirements of Nasdaq Marketplace
Rule 4815(b). About EasyLink Services Corporation EasyLink Services
Corporation (NASDAQ: EASYE), headquartered in Piscataway, New
Jersey, is a leading global provider of services that power the
exchange of information between enterprises, their trading
communities, and their customers. EasyLink's networks facilitate
transactions that are integral to the movement of money, materials,
products, and people in the global economy, such as insurance
claims, trade and travel confirmations, purchase orders, invoices,
shipping notices and funds transfers, among many others. EasyLink
helps companies become more competitive by providing the most
secure, efficient, reliable, and flexible means of conducting
business electronically. For more information, please visit
www.EasyLink.com. This news release may contain statements of a
forward-looking nature relating to future events or financial
results of EasyLink Services Corporation. Investors are cautioned
that such statements are only predictions and that actual events or
results may differ materially. In evaluating such statements,
investors should specifically consider the various factors that
could cause actual events or results to differ materially from
those indicated from such forward-looking statements. These
include: the risk of being delisted from NASDAQ (including the risk
that the Nasdaq Listing Qualifications Panel will determine not to
grant the Company's request for continued listing, the risk that
the Company will not be able to regain compliance with the Minimum
Bid Price Rule by February 21, 2006, that it will not be eligible
to transfer to The Nasdaq SmallCap Market or that, if it is able to
transfer to The Nasdaq SmallCap Market, that it will not be able to
regain compliance with the Minimum Bid Price Rule within any
additional compliance period while on the Nasdaq SmallCap Market).
the Company's 2nd quarter 2005 results are subject to review by
Grant Thornton LLP and any proposed adjustments to certain prior
period expense accruals and foreign tax liabilities are subject to
the review and approval of the Company's prior independent
accountants; the need to raise additional capital; the ability to
service our remaining indebtedness; the ability to continue as a
going concern being dependent upon the ability to generate
sufficient cash flow to meet our obligations on a timely basis, to
obtain additional financing or refinancing as may be required, and
to achieve and maintain profitable operations; significant
leverage; the ability to attract additional customers or to expand
services sold to existing customers; the ability to successfully
implement our business strategy; significant competition; and the
risks inherent in integrating the EasyLink business. These and
other risks and uncertainties are described in more detail in the
Company's filings with the Securities and Exchange Commission.
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