Digital media distribution company DG Systems, parent of StarGuide, said it received a staff determination letter from Nasdaq saying DG’s stock will be de-listed because it is under $1.00.
The supplier said “such letters are standard procedure when a company does not meet the minimum closing bid price requirement” and that it intends to appeal.
DG Systems is awaiting stockholder approval meanwhile for a proposed merger with FastChannel Network Inc. It also wants shareholders to allow a one-for-10 share reverse stock split that it thinks would result in DG Systems regaining compliance with Nasdaq minimum price rules.
DG Systems Will Appeal Nasdaq Delisting
DG Systems Will Appeal Nasdaq Delisting