MKTG to Keep Nasdaq Listing
As long as it meets filing requirements, MKTG Services Inc. will maintain its Nasdaq Small Cap Market listing, according to an announcement by the firm last week.To do so, MKTG must publicly file a report showing shareholder equity of at least $2.5 million with the Securities and Exchange Commission by March 14. It also must file by May 15 its quarterly report for the period ending March 31. That report, too, must show $2.5 million in shareholder equity.
The decision came almost a month after a Feb. 13 hearing before the Nasdaq Listing Qualifications Panel, which MKTG requested after failing to meet the minimum bid price and stockholder equity requirements for listing on Nasdaq.
In January, MKTG completed its repurchase of all outstanding Series E Preferred stock for $6 million in cash and common stock equal to nearly 20 percent of its outstanding common shares.
Since the Dec. 10 sale of its direct marketing operations to privately held CBC Companies for $11 million in cash, plus related liabilities, the publicly traded MKTG consists of a telemarketing and telefundraising division in Los Angeles.
