SynQuest Inc. (Nasdaq: SYNQ), a provider of supply chain planning solutions, reported that it has regained compliance with the $1 minimum bid price listing requirement for continued listing of the company’s common stock on the Nasdaq SmallCap Market.
Nasdaq notified SynQuest on Aug. 15, that its common stock would be removed from listing effective Aug. 22, due to its failure to regain compliance with the minimum bid price requirement as of that time. The company submitted a hearing request that stayed removal from listing, and Nasdaq granted a hearing in late September.
In the interim, SynQuest’s common stock closed above $1 per share each day. Nasdaq therefore determined that the company regained compliance with the minimum bid price requirement and cancelled the its hearing originally scheduled for Sept. 26.
Nasdaq also informed SynQuest that it does not currently comply with the net tangible assets/shareholders’ equity/net income requirement as set forth in the Nasdaq Marketplace Rules. Further, Nasdaq stated its belief that the transactions with Viewlocity, Tilion and various other investors announced by SynQuest on Sept. 3, constitute a reverse merger as set forth in the MarketPlace Rules. If Nasdaq determines such, SynQuest will be required to meet Nasdaq’s more stringent initial listing requirements in order to maintain listing of its common stock on the Nasdaq SmallCap Market.
A new hearing before Nasdaq’s Listing Qualifications Panel has been scheduled on Oct. 17, to consider these two issues addressed in Nasdaq’s most recent notification. The hearing will stay the removal from listing of SynQuest’s common stock pending the panel’s decision. If SynQuest is unsuccessful in maintaining its Nasdaq SmallCap Market listing, the company’s common stock will be quoted on the Nasdaq-sponsored OTC Bulletin Board Service.
SynQuest: www.synquest.com
