(RTTNews) - Quepasa Corp.
(QPSA) on Wednesday said that on April 4, 2008, the company received a Nasdaq Staff Deficiency Letter informing the company that it no longer complies with Nasdaq Marketplace Rule, which requires the company to have a minimum of $2.50 million in stockholders' equity or $35 million market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the last three fiscal years.
The deficiency letter indicates that the Nasdaq staff is reviewing the company's eligibility for continued listing on the Nasdaq Capital Market. The company has until April 21, 2008 to provide the Nasdaq staff with a specific plan to achieve and sustain compliance with all listing requirements, including the timeframe for completion of the plan. The company is currently reviewing options to regain compliance, including discussions with certain debt holders to exchange debt for equity.
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