"In light of efforts to sell substantially all of the assets of the company and the company's affairs under the US Bankruptcy Code, Proxim currently does not intend to exercise its right to appeal Nasdaq's determination," the company stated today.
As a result Proxim common stock will be delisted from the Nasdaq National Market and will not immediately be eligible for listing on the OTC Bulletin Board.
Proxim warned that the delisting is likely to make the stock more difficult to trade, and will reduce its trading volume and further depress the stock price.
Nasdaq advised in its notice that determination was made after considering Proxim's filing for bankruptcy on 11 June 2005.
The exchange cited Marketplace Rules 4300 and 4450(f) specifically, and public interest concerns generally, as grounds for non-compliance. It also considered issues regarding the residual equity interest of existing Proxim securities holders.
Additionally, Nasdaq staff voiced concern over the company's ability to come back into compliance with the $1 minimum bid price requirement of Marketplace Rule 4450(a)(5). Nasdaq initially notified Proxim of non-compliance with this rule on 3 June 2005.
The delisting means that, as of the opening of business on 15 June a 'Q' will append to the trading symbol 'PROX'.
Without appeal, Proxim common stock is scheduled to be delisted from the Nasdaq National Market at the opening of business on 22 June.
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