Aptimus Appeals Nasdaq Delisting of Its Securities, Seeks Buyer
Last week, Aptimus received notice from the Nasdaq that its stock was subject to delisting from the Nasdaq National Market because it failed to maintain a minimum selling price of $1 for more than 30 trading days. The company requested an oral hearing before the Nasdaq Listing Qualifications Panel to protest the decision.
Aptimus, Seattle, also said it retained investment banker Dain Rauscher Wessels to help it evaluate alternatives such as a sale or merger. The company did not say whether it was in talks with anyone regarding a sale or merger.
Tim Choate, Aptimus' president/CEO, said that while he is confident of the company's long-term prospects, a sale or merger would make sense given the near-term challenges it faces.
"I am mindful of the near-term challenges facing the company, including the risk of delisting by Nasdaq, the negative sentiment in the markets toward our business sector and the challenges we face in the early stages of developing our network model," Choate said. "Under these circumstances, it is prudent for the company to consider alternatives to the status quo."