Following Nasdaq's procedures, the company has filed a request for a hearing before the Nasdaq Listing Qualifications Panel to review the staff determination. The request for a hearing defers delisting, pending the Panel's decision. The hearing date will be determined by Nasdaq and is expected to occur in mid- to late October. At the hearing, the company intends to present a plan to regain compliance and to request that the Panel permit the common stock to remain listed. However, there can be no assurance that the Panel will decide to allow the company to remain listed or that the company's actions will prevent the delisting of its common stock.
The company's stock will continue to be listed and traded on the Nasdaq National Market pending a final decision by the Panel. According to a statement from Ventro, with the exception of the minimum bid price requirement, the company is in compliance with all of Nasdaq's listing requirements. In the event its shares are delisted from the Nasdaq National Market, Ventro expects that its common stock will continue to be listed and traded on the NASD's OTC Bulletin Board.
"Ventro is committed to enhancing shareholder value as we execute our business plan to become a leading provider of collaborative commerce solutions," said David Zechnich, Ventro's chief financial officer. "We believe that the recent improvements in our financial condition and the acquisition of NexPrise position us well for future success. We have requested a hearing with the Nasdaq and will try to demonstrate our ability to regain and maintain compliance to remain a listed Nasdaq issuer."