Inphonic (NASDAQ:INPC)
Historical Stock Chart
From Jul 2019 to Jul 2024
InPhonic, Inc. (Nasdaq:INPC) announced that it is in
compliance with Nasdaq Marketplace Rule 4350(i)(1)(C)(ii).
Nasdaq had determined that InPhonic's Asset Purchase Agreement
dated April 26, 2005 with respect to the acquisition of certain of the
assets of VMC Satellite, Inc. violated Nasdaq Marketplace Rule
4350(i)(1)(C)(ii) because it could have conceivably resulted in the
issuance of greater than 20% of InPhonic's common stock if InPhonic's
stock price declined significantly.
On September 19, 2005, InPhonic entered into a First Amendment to
the original Asset Purchase Agreement dated April 26, 2005 to remedy
this violation. The First Amendment amended the original Asset
Purchase Agreement to limit the number of shares of common stock
issuable in connection with the acquisition if any potential issuance
of InPhonic's common stock would cause InPhonic to be in violation of
applicable Nasdaq requirements. In the unlikely event InPhonic's stock
price were to drop to a level that would cause the number of shares
issuable to reach such limit, InPhonic would be required to pay cash
for any such shares not issued as a result of the limitation.
On October 18, 2005, Nasdaq notified InPhonic in writing that
InPhonic had regained compliance with Nasdaq Marketplace Rule
4350(i)(1)(C)(ii), subject to compliance with Nasdaq Marketplace Rule
4803(a). InPhonic believes that this press release satisfies Nasdaq
Marketplace Rule 4803(a) and that the matter is now resolved.
About InPhonic
Headquartered in Washington, D.C., InPhonic, Inc. (NASDAQ:INPC) is
a leading online seller of wireless services and products. InPhonic
sells these services and devices, and provides world-class customer
service through websites that it creates and manages for online
businesses, national retailers, member-based organizations and
associations under their own brands. InPhonic also operates Wirefly, a
leading mobile phones and wireless plans comparison site that was
awarded "Best of the Web" by Forbes magazine in 2004. InPhonic also
delivers a full range of mobility solutions to enterprise clients
through its Mobile Virtual Network Enablement (MVNE) platform. In
2004, InPhonic was selected #1 company of the year on the Inc. 500 -
Inc. Magazine's list of the fastest-growing privately held companies
in the United States. More recently, InPhonic was named T-Mobile's
Internet Partner of the Year for 2004. For more information on the
company, its products and services, visit the InPhonic Corporate Web
site at www.inphonic.com.
"Safe Harbor" Statement - Under the Private Securities Litigation
Reform Act of 1995, this press release may contain forward-looking
statements that involve risks and uncertainties. Important factors,
which could cause actual operating results to differ materially from
those in the forward-looking statements, are detailed in filings with
the Securities and Exchange Commission made from time to time by the
Company. This press release and statements are current as of the date
of the individual announcements and the Company undertakes no
obligation to publicly release any revisions to any forward-looking
statement to reflect events or circumstances after the date thereof or
to reflect the occurrence of unanticipated events.