Level 8 Systems (Nasdaq: LVEL), will move to the Nasdaq SmallCap Market pursuant to a temporary exception from the minimum bid price and shareholders’ equity requirements.
The Nasdaq Listing Qualifications Panel has determined not to completely delist the Level 8’s common stock at this time. The decision was the result of the company’s appearance before the panel to appeal the original delisting from the Nasdaq altogether.
While Level 8 does not currently meet either the $1 minimum bid price or the $2.5 million shareholders’ equity requirements, the company was granted a temporary exception from these requirements through Jan. 13, 2003, or longer, if Level 8 is able to show compliance with the minimum bid price and demonstrate shareholders’ equity of $5 million.
To meet the minimum bid price condition, the Level 8’s common stock must trade at or above a $1 minimum bid price for ten consecutive trading days, beginning on or before Jan. 13.
In connection with raising the minimum bid price, Cary-based Level 8 has asked its stockholders to approve a reverse stock split at its annual meeting to be held on Dec. 20.
Level 8: www.level8.com