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Healthaxis Keeps Nasdaq SmallCap Market Listing

By Staff Writer

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NU Online News Service, Sept. 12, 2003, 4:23 p.m. EDT – The Nasdaq Stock Market says Healthaxis Inc., Irving, Texas, can continue to list its stock on The Nasdaq SmallCap Market.

Nasdaq’s Listing Qualifications Panel has ruled that Healthaxis, a company that sells benefits administration software and services, meets the market’s listing standards, Healthaxis says.

Earlier this summer, Healthaxis met all listing requirements except for a requirement that the bid price for its stock be greater than $1 per share. The company implemented a 1-for-10 reverse stock split Aug. 21 that pushed its price to more than $3 per share.

The panel concluded that Healthaxis “has regained compliance with the bid price requirement by demonstrating a closing bid price of at least $1 per share for the 10 consecutive trading days ended Sept. 4, ” Healthaxis says.

Because Healthaxis also satisfies the other requirements for continued listing on the SmallCap market, the company can keep its SmallCap market listing, Healthaxis says.

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