PFSweb gets Nasdaq delisting notice
Nasdaq has warned PFSweb Inc. that it could be delisted from the stock exchange if the company’s share price does not improve.
Plano-based PFSweb (Nasdaq: PFSW), a provider of business process outsourcing services, said it received a delisting notification from Nasdaq Friday that it no longer complies with a requirement that stocks maintain a $1 minimum closing bid price for 30 consecutive business days. Nasdaq has given the company 180 calendar days to comply with the listing requirement. PFSweb closed at 92 cents a share Friday. In the past 52 weeks, the stock has traded between 79 cents and $1.93 a share.
“We are hopeful that our stock price will rise above the $1 minimum through our continuing focus on improving business performance,” PFSweb CEO Mark Layton said in a statement. “If necessary, however, we have the ability through recent shareholder approval to effect a reverse stock split to regain the minimum stock price requirement.”
To regain compliance, PFSweb must meet or exceed the $1 minimum bid price for 10 consecutive business days. If the company is unable to achieve this, and it continues to meet all other initial inclusion requirements, it can receive an additional 180-day compliance period.
Web sites: www.pfsweb.com, www.ecost.com