iPrint Receives Nasdaq Notice, Listing Could Be In Jeopardy
Press release from the issuing company
SANTA CLARA, Calif., Feb. 20, 2002 -- iPrint Technologies today reported that it has received a letter from Nasdaq notifying the Company that it is not in compliance with Nasdaq Marketplace Rules 4450(a)(2) and 4450(a)(5) relating to the minimum market value of publicly held shares ($5 million) and minimum bid price per share ($1.00) requirements for continued listing on The Nasdaq National Market.
The Company has 90 calendar days, or until May 15, 2002, to regain compliance with these standards. Under Nasdaq National Market rules, iPrint may demonstrate compliance by maintaining a $1.00 minimum closing bid and a minimum market value of publicly held shares of $5 million or more for a minimum of 10 consecutive trading days by that date. If the Company is unable to demonstrate compliance by that date, the Company may appeal a determination that it be delisted from The Nasdaq National Market, or the Company could decide to file an application to transfer its securities to The Nasdaq SmallCap Market. For that application, the Company would be required to meet the SmallCap Market continued listing criteria, including a market value of public float requirement of $1 million, other than the SmallCap Market minimum bid price requirement ($1.00). If the application is accepted, the Company would have another 90 days, or until August 13, 2002, to comply with the minimum bid price requirement. If the Company had not regained compliance with the minimum bid price requirement at the end of the 90 day period, it would be afforded an additional 180 days to regain compliance if it could demonstrate compliance with the core initial SmallCap listing standards (either net income of $750,000, stockholders' equity of $5 million, or market capitalization of $50 million).
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