January 13, 2004 — (WEB HOST INDUSTRY REVIEW) — DSL.net (dsl.net), a high-speed Internet and Web hosting provider, said today that it has been granted an additional extension of the grace period for regaining compliance with the Nasdaq SmallCap Market’s minimum bid price rule.
The company must comply with the rule, which requires all listed companies to close at a minimum bid price of $1.00 for 10 consecutive days, in order to continue being listed.
The extension runs through April 19, 2004.
The most recent extension was granted by Nasdaq after recent action by the Securities and Exchange Commission (SEC) approved certain modifications to Nasdaq’s bid price requirements.
This latest extension follows a Nasdaq notification issued in October, which had given DSL.net until January 30, 2004, to demonstrate compliance with the minimum bid price rule.
If DSL.net fails to meet the bid price requirement, it will be required to take steps for implementation of a reverse stock split in order to continue its SmallCap Market listing.
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