Kintera (MM) (NASDAQ:KNTA)
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Kintera® Inc. (NASDAQ:KNTA) (the “Company”),
today announced that on May 15, 2008 it received a notice from the
Nasdaq Stock Market (“Nasdaq”)
indicating that it no longer complies with the requirements of Nasdaq
Marketplace Rule 4450(a)(3) for continued listing on the Nasdaq Global
Market. The rule requires that the company maintain minimum stockholders’
equity of $10,000,000. As reported in the company’s
quarterly report on Form 10-Q for the period ended March 31, 2008, the
company’s stockholders’
equity was $9,806,000 as of March 31, 2008.
The company has until May 30, 2008 to provide a plan to achieve and
sustain compliance with all Nasdaq Global Market listing requirements
and a time frame to complete the plan. If Nasdaq determines that the
company’s plan is not sufficient to achieve
and sustain compliance in the long term, it will provide written notice
that the company’s securities will be
delisted. At such time, the company may appeal the decision to a Nasdaq
Listing Qualifications Panel. The company is currently preparing its
plan for compliance with Nasdaq Global Market listing requirements and
expects to submit the plan to Nasdaq by the May 30, 2008 deadline. The
company may also consider applying to list its securities on the Nasdaq
Capital Market if it satisfies the requirements for continued listing on
that market.
As previously reported on a Form 8-K filed on April 8, 2008, on April 2,
2008, the company received a notice from Nasdaq indicating that the
Company had failed to comply with Nasdaq Marketplace Rule 4450(a)(5),
which requires a minimum $1.00 per share bid price for the company’s
common stock for continued listing on the Nasdaq Global Market, for 30
consecutive business days. Under Nasdaq Marketplace Rule 4450(e)(2), the
Company has an initial period of 180 calendar days to regain compliance
with this listing requirement. If at any time before Sept. 29, 2008, the
minimum bid price of the company’s common
stock closes at $1.00 per share or more for a minimum of 10 consecutive
business days, Nasdaq will provide the company with written notification
that it has achieved compliance with this rule.
KNTA-F
About Kintera, Inc.
Kintera®, Inc. (NASDAQ: KNTA) provides an
integrated, on-demand open platform to help organizations quickly and
easily reach more people, raise more money, and run more efficiently.
The Kintera platform consists of a variety of products including Events,
Advocacy, E-mail, Web Site Content Management, Donor Management,
Constituent Relationship Management and Accounting. In addition, Kintera’s
open technology, Kintera Connect™, enables
clients and partners to integrate directly with Kintera technology,
resulting in the availability of best of breed solutions through the
Kintera Connect partner program.
For more information about Kintera software and services, visit www.kintera.com.
Kintera, Kintera Sphere, Kintera Connect, Social CRM and The Giving
Experience, are either registered trademarks or trademarks of Kintera,
Inc. in the U.S. and/or other countries. Other company and product names
may be trademarks of their respective owners.
Forward-Looking Statements
This news release contains certain forward-looking statements
including, without limitation, expressed or implied statements
concerning the Company's continued listing on the Nasdaq Global Market.
Such statements are only predictions, and the Company's actual results
may differ materially. Factors that may cause the Company's results to
differ include, but are not limited to, risks related to the development
of a plan to achieve compliance with Nasdaq Stock Market requirements,
the price of the Company’s common stock and
the impact of a potential delisting from the Nasdaq Global Market on the
Company. The Company undertakes no obligation to update any
forward-looking statements. Other risk factors related to the
Company are more fully discussed in the Company's Annual Report on Form
10-K for the period ended December 31, 2007, Quarterly Report on Form
10-Q for the period ended March 31, 2008 and in other filings made with
the Securities and Exchange Commission.