Netguru (NASDAQ:NGRU)
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From Jan 2020 to Jan 2025
netGuru, Inc. (Company) (Nasdaq:NGRU) received a staff
determination notice from Nasdaq's Listing Qualifications Department
indicating that the Company has not regained compliance with the $1.00
minimum closing bid price requirement for continued listing as set
forth in Marketplace Rule 4310(c)(4) (the Rule) and that its
securities are therefore subject to delisting from the Nasdaq Capital
Market unless the Company successfully appeals the determination.
The Company will request a hearing before a Nasdaq Listing
Qualifications Panel to appeal the determination and present its plan
to remedy the bid price and any other applicable listing deficiencies,
but there can be no assurance that the Panel will grant the Company's
request for continued listing.
On March 14, 2006, the Company received notice that, in accordance
with Marketplace Rule 4310(c)(8)(D), it would be provided 180 calendar
days, or until September 11, 2006, to regain compliance. Since the bid
price of the Company's common stock did not close at or above $1.00
per share for a minimum of ten consecutive trading days during that
period, on September 12, 2006, the Company received the notice; since
the Company does not currently meet Nasdaq's initial listing criteria
as set forth in Marketplace Rule 4310(c), the Company is not eligible
for an additional compliance period. However, pursuant to procedures
set forth in the Nasdaq Marketplace Rule 4800 Series, the hearing
request stays delisting of the Company's securities, and the Company's
shares will remain listed on Nasdaq pending the hearing and subsequent
written determination by the Hearing Panel.
The Company and BPO Management Services Inc. (BPOMS) were aware of
the listing deficiencies when they entered the merger agreement
announced on August 30, 2006. The merger, subject to approval by
netGuru shareholders, would involve a reverse stock split and other
anticipated reverse-merger transactions that are expected to remedy
the deficiencies. It is anticipated that BPOMS will also appear at the
same hearing to discuss its business plan and provide further
information.
About netGuru, Inc.
netGuru is an engineering services company offering engineering
business process outsourcing services for the architecture,
engineering, and construction (A/E/C) industry; document/project
collaboration software/solutions for A/E/C companies, enterprise
software providers, software integrators, and other businesses engaged
in document/project-centric operations; and technical services and
support. netGuru offices are located in the United States, Europe, and
India. For more information, please visit www.netguru.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:
With the exception of historical or factual information, the
matters discussed in this press release, including without limitation,
the scheduled hearing, appeal of the determination, presentation of
the Company's plan to remedy the deficiencies, BPOMS's business plan,
determination of the Hearing Panel, and continued listing, are
forward-looking statements that involve risks and uncertainties.
Actual future results may differ. Factors that could cause or
contribute to such differences in results include, but are not limited
to, the business and remedial plans, whether the merger and reverse
stock-split are approved and consummated, the Hearing Panel's
evaluation of the Company's plans and determination, applicable
Marketplace Rules, and other risks and factors detailed from time to
time in the Company's public statements and its periodic reports and
other filings with the U.S. Securities and Exchange Commission.