Tekgraf to Make Appeal to Nasdaq Regarding Delisting
Press release from the issuing company
VERNON HILLS, Ill., April 13 Tekgraf, Inc. (Nasdaq: TKGF), announced that it has received notification from Nasdaq that the Company has failed to comply with the $1.00 minimum closing bid price requirement for continued listing. The Company will appeal this decision, and the stock will continue to trade on the Small Cap Market pending the outcome of the appeal process. In the event the Company's request for continued listing on the Small Cap Market is not granted, the stock would then trade on the Nasdaq's OTC Bulletin Board, under the same symbol.
Bill Rychel, President and CEO of Tekgraf said, "We believe that the strategies we put in place last year have positioned the company for profitability, and will help bring our share price more in line with the true value of our company. The restructuring of our Channels Business Unit is starting to pay off and the newly created Centiv Business Unit is showing great promise. We believe that we have made the necessary investments and changes to our business to ultimately enhance shareholder value."
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