Engage Receives Non-Compliance Letter from Nasdaq
Wednesday, July 03, 2002
ANDOVER, Mass.--July 2, 2002--Engage, Inc., a leading provider of software solutions and services for advertisers, marketers and publishers, today announced that on June 26, 2002 it received a letter from Nasdaq stating that it did not currently comply with the Nasdaq National Market's independent directors requirement (Marketplace Rule 4350(c)) and audit committee composition requirement (Rule 4350(d)(2)). Engage had previously announced that it had received notices from Nasdaq that it had failed to comply with the $1.00 minimum bid price requirement (Rule 4450(a)(5)) and the $10,000,000 minimum stockholders' equity requirement (Rule 4450(a)(3)), and that it had requested a hearing before a Nasdaq Listing Qualifications Panel to address these issues. The hearing has been scheduled for July 11, 2002. All of the deficiencies will be addressed at this hearing.