NEW YORK ( TheStreet) -- Zanett (ZANE) shares rocketed 640% higher Thursday on a spike in trading volume after the customized IT solutions company said it booked $12 million in new contracts during the first two months of 2010.
Zanett said Thursday it has set an in-house corporate record for contracts closed in January and February, with over $12 million dollars in new business closed. The contracts consisted of 42 different customers, with the largest worth $4 million, Zanett said.
The contracts announcement comes one day after Zanett said it expects to receive a delisting determination letter from the Nasdaq by March 15, due to Zanett's failure to regain compliance with the exchange's minimum bid price requirement.
Zanett said it plans to file an appeal and will "vehemently fight to maintain our current Nasdaq listing." Zanett said it expects to be issued a written decision from a hearing panel 60 days after March 15. Until then, no delisting action will be taken before the hearing process concludes, the company said.Shares of Zanett were surging by $1.99, or 640%, to $2.30, establishing a new 52-week high. More than 6.01 million shares changed hands by 2:30 p.m. EST Thursday, compared to the stock's 50-day average daily volume of only 20,000 shares. Zanett has a 3.3 million-share float with 19,000 shares short as of Feb. 12, according to Yahoo! Finance. Insiders hold 58% of the company's shares, with another 1.3% owned by institutions. -- Written by Robert Holmes in Boston. Check out all of Thursday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.