Innotrac Notifies Investors Of NASDAQ Global Market Listing Rule Deficiency Notice
ATLANTA, Jan. 7 /PRNewswire-FirstCall/ -- Innotrac Corporation (Nasdaq: INOC) announced today that on January 4, 2010, it received a letter from The NASDAQ Stock Market providing notice that it had not maintained the continued listing standard for the minimum market value of publicly held shares ("MVPHS") of $5 million. MVPHS is the market value of the Company's publicly held shares, which is calculated by subtracting all shares held by officers, directors or beneficial owners of 10% or more of the total shares outstanding. Approximately 2.4 million, or nineteen percent (19%) of Innotrac's total 12.6 million outstanding shares are included in the MVPHS calculation for the Company.
This notification has no effect on the listing of the Company's securities at this time. NASDAQ notified the Company that for 30 consecutive business days, the Company's common stock had not maintained a minimum MVPHS of $5 million as required for continued inclusion on The NASDAQ Global Market by Listing Rule 5450(b)(1)(c). NASDAQ has provided the Company 90 calendar days, or until April 5, 2010, to regain compliance with this rule. The Company can achieve compliance with this rule if the MVPHS is at least $5 million for a minimum of 10 consecutive business days at any time before April 5, 2010. If the Company does not regain compliance by April 5, 2010, it may apply for a transfer of its securities to the NASDAQ Capital Market, which has a MVPHS requirement of $1 million. As of the date of this release, the Company's MVPHS was approximately $3.7 million. The Company believes that at this time it would be able to achieve compliance with the listing criteria of the NASDAQ Capital Market, although there can be no assurance that this would continue to be the case.
If the Company is unable to regain compliance with this continued listing standard or transfer its securities to the NASDAQ Capital Market, the Company's securities will be delisted from the NASDAQ. At that time, the Company may appeal the delisting determination to a Listings Qualifications Panel. In the event the Company was delisted, the Company's stock could be traded on the Pink Sheets or OTC Bulletin Board ("OTCBB") quotation services. A listing on the NASDAQ Capital Market, as well as trading on the Pink Sheets or the OTCBB, requires support by market makers and no assurance can be provided that market makers currently making a market in the Company's common stock will continue to do so.
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