SynQuest (OTCBB: SYNQ), a provider of supply chain planning and event management applications, has moved from the Nasdaq to the OTC Bulletin Board.
The Nasdaq Listing Qualifications Panel has determined that SynQuest’s recent merger with Viewlocity constitutes a “reverse merger,” thereby requiring the company to satisfy all criteria for initial inclusion on the Nasdaq SmallCap Market.
Since SynQuest does not satisfy the requirements for initial inclusion on the Nasdaq SmallCap, the Nasdaq determined to delist the company’s securities from the Nasdaq SmallCap effective at the open of business today.
“Obviously, we are disappointed with Nasdaq’s decision,” Jeffrey Simpson, president and chief executive officer of SynQuest, said in a statement. “We are currently assessing our listing options including the possibility of an appeal to the Nasdaq Listing and Hearing Review Council.”
But Simpson said Atlanta-based SynQuest would primarily continue its merger plans with Viewlocity.
“More importantly, we will continue to focus on the integration of SynQuest’s and Viewlocity’s operations,” he said, “and the execution of our business plan with the goal of improving the combined company’s results of operations and enhancing long-term shareholder value.”