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November 24, 2005
AUSTIN, Texas -- Motive, Inc. (NASDAQ:MOTV - News) today announced that due to the delay in filing its Form 10-Q for the period ended September 30, 2005 the Company received a letter from The NASDAQ Stock Market on November 22, 2005 indicating that the Company's common stock is subject to delisting pursuant to NASDAQ Marketplace Rule 4310(c)(14), which requires the Company to make on a timely basis all filings with the Securities and Exchange Commission, as required by the Securities Exchange Act of 1934, as amended. NASDAQ Marketplace Rule 4804(b) requires that the Company make a public announcement through the news media which discloses receipt of the letter.
The Company intends to appeal the NASDAQ Staff's determination by requesting a hearing before a NASDAQ Listing Qualifications Panel, which will automatically stay the delisting of Motive's common stock pending the Panel's review and determination. Until the Panel issues a determination and the expiration of any exception granted by the Panel, Motive's common stock will continue to be traded on The NASDAQ National Market. However, as a result of the delayed filing of its Form 10-Q, the trading symbol for the Company's common stock will be changed from MOTV to MOTVE, effective as of November 25, 2005.
As previously announced, the Company has delayed filing its Quarterly Report on Form 10-Q due to a review being conducted by the Audit Committee of Motive's Board of Directors with respect to certain reseller transactions. The Company is fully cooperating with the review so that it may be finalized as promptly as possible and the Company may complete its Form 10-Q for the fiscal quarter ended September 30, 2005. However, there can be no assurance that the Panel will grant an exception to allow the continued listing of the Company's common stock on The NASDAQ Stock Market until the Company files its Form 10-Q for the fiscal quarter ended September 30, 2005 with the Securities and Exchange Commission.
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