NU Online News Service, April 18, 10:25 a.m. – Healthaxis Inc., Dallas, a company that develops Web software for health insurers, brokers and plan administrators, says the Nasdaq Stock Market, New York, could delist it from the Nasdaq National Market if the price of its stock fails to rise above $1 per share for 10 consecutive days by July 11.
Nasdaq recently sent Healthaxis a notice warning it that its stock had closed below $1 per share for a period of 30 consecutive trading days.
Nasdaq normally requires that stocks included in its National Market sell for more than $1 per share.
If Healthaxis continues to have trouble getting the price of its stock up, it could appeal the decision to delist it, or it could apply to transfer its stock to the Nasdaq SmallCap Market, the company says.
“The company believes that if it were to apply to transfer its stock to the Nasdaq SmallCap Market, its application would be approved,” Healthaxis says.
Healthaxis emphasizes that the company complies with all Nasdaq National Market financial requirements except for the minimum stock price rule.