The Securities and Exchange Commission has suspended trading of stock in Smart Online, the company said in a statement issued Tuesday night.
“The SEC indicated that the reason for the suspension was a lack of current and accurate information concerning the Company’s securities because of possible manipulative conduct occurring in the market for the Company’s stock,” Smart Online said.
Smart Online stock trades over the counter under the symbol SOLN.
Nasdaq, meanwhile, also told Smart Online that it had withdrawn the recent approval of Smart Online’s listing on the Nasdaq. The Nasdaq move was approved on Jan. 10.
The suspension of trading was initiated at the opening bell on Tuesday and will last through Jan. 30, Smart Online said.
“The company has contacted the SEC for additional information,” Smart Online added. “The SEC has declined to provide any additional information at this time. The company does not know whether the SEC order will be extended beyond the January 30, 2006 suspension period, when the SEC will complete its investigation, the result of the investigation or its effect on the Company. The Company intends to fully cooperate with the SEC during its investigation so that the trading suspension is lifted as soon as possible.”
Smart Online stock last traded at $10 a share, up 80 cents, according to the company’s web site.
Some 15 million shares of Smart Online stock have been issued, according to Nasdaq. The 52-week high for the stock is $11.50. The 52-week low is $1.50.
Smart Online focuses on offering software as services. The company was founded in 1993.
Smart Online: www.smartonline.com