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SAVVIS Receives De-listing Notice.
2005-10-11, HostMan.biz Managed hosting provider SAVVIS (savvis.com) said last Friday that it had received a notice from the NASDAQ stock exchange informing the company that it has 180 days to comply with the one dollar minimum bid rule or face de-listing. SAVVIS was given the notice because its stock traded below the $1 threshold for 30 consecutive business days. During the 180-day grace period, the company will be considered to have complied with the rule if its stock closes at $1 or more for 10 consecutive business days. The company has until April 3, 2006 to comply with the rule. It can also request an additional six-month grace period if it meets other requirements. SAVVIS says it has stockholder authorization for both a one-for-fifteen and a one-for-twenty reverse split of its outstanding common stock. This is the second time this year SAVVIS has received a de-listing notice from NASDAQ. |
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