In a shock move, Seer Technologies was delisted from the Nasdaq stock exchange at the end of play yesterday, following a run of poor financial results and an announcement earlier this month that its fiscal 1998 year would be well below expectations.
As a result, the ailing mainframe development tools company will now trade its common stock on the over-the-counter bulletin board system, but claims that the move will not affect its day-to-day operations.
A spokeswoman at Seer said: "Nasdaq has a certain set of criteria that you need to conform to and maintain and you are delisted if you do not satisfy those criteria. We were not told why we were delisted, but we don?t feel it will have an impact on the business. In the last six months, we?ve done a lot of work to bring our costs in line with our revenues and we believe our fourth quarter will be within market expectations."
She added that the company was not expecting to move into Chapter 11 bankruptcy protection in future and was not shopping for buyers, but it was looking for an investor to provide it with near term working capital.
In an attempt to boost revenues, Seer has now repositioned its migration to the application templates and middleware market (see VNU Newswire 31 January 1997) as a "long term strategy" and will tweak its development tools to enable users to undertake remedial work on their mainframe applications in preparation for the Year 2000.
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