CHARLOTTE … Systems integration company Information Architects (Nasdaq: IARC) has received a Nasdaq Staff Determination letter indicating that the company has failed to comply with the Nasdaq continued listing requirements and will be delisted from the Nasdaq SmallCap Market at the opening of business on Aug. 22.
The company doesn’t meet a Nasdaq rule that requires the bid price of its common stock close at $1 per share over the previous 30 consecutive trading days. It also doesn’t comply with requirements that it have $2.5 million in stockholders’ equity or a $35 million market value of listed securities or $500,000 net income from continued operations.
Information Architects said in a statement that it doesn’t plan to request a hearing of the determination.
Information Architects: www.ia.com