Can DSL.net Dodge Delisting?
DSL.net Inc. (Nasdaq: DSLN), a nationwide broadband service provider, faces a delisting from the Nasdaq any day now, unless its recent $30 million funding announcement convinces the tech-heavy stock exchange to grant it a reprieve (see DSL.net Gets $30M, Faces Delisting).
Nasdaq notified DSL.net on July 18 that the company's stock had failed to comply with the $1.00 closing bid price requirement for ten consecutive trading days. As a result, the stock is subject to delisting from the Nasdaq SmallCap Market.
The service provider has appealed the delisting and is requesting the standard extension period of 270 days to push its stock back up.
DSL.net's story convinced Deutsche Bank AG, a new investor in the company, to stump up the majority of the funding. VantagePoint Venture Partners, one of DSL.net's major institutional shareholders, also participated in the financing.
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— Jo Maitland, Senior Editor, Boardwatch