Nasdaq Bounces Tioga

Company to appeal delisting decision

October 25, 2001

1 Min Read

SAN JOSE, Calif. -- Tioga Technologies (NASDAQ: TIGA) today announced that on October 17, 2001 it received a Nasdaq Staff Determination indicating that it fails to comply with the minimum level of net tangible assets, stockholders' equity and minimum bid price required for continued listing on the Nasdaq National Market under Marketplace Rules 4450 (a)(3) and (5) and that its securities are, therefore, subject to delisting from The Nasdaq National Market. The Company has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. There can be no assurance the Panel will grant the Company's request for continued listing. Should the request be denied, the Company's ordinary shares may trade on the Over The Counter-Bulletin Board (OTCBB) market following the delisting, if brokers are interested in making a market in the shares. In the event that the Company's appeal is denied, and Tioga's shares are delisted from the Nasdaq National Market within one year following their listing on the Tel Aviv Stock Exchange (TASE), they may also be delisted from the TASE, unless Tioga publishes a prospectus in Israel or otherwise satisfies the TASE listing requirements. Tioga Technologies Ltd.

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