I-many Receives Notice of Non-Compliance With NASDAQ Global Market Listing Requirements
SOURCE:
I-many, Inc.
2008-07-25 17:00:00
I-many Receives Notice of Non-Compliance With NASDAQ Global Market Listing Requirements
I-many Receives Notice of Non-Compliance With NASDAQ Global Market Listing Requirements
Company May Apply to Transfer to the NASDAQ Capital Market
EDISON, NJ–(EMWNews – July 25, 2008) – I-many, Inc. (
of contract management software and services for the enterprise, reported
that it received a notice on July 23, 2008 from the Listing Qualifications
division of the NASDAQ Stock Market indicating that the Company’s common
stock is subject to potential delisting from the NASDAQ Global Market
because the market value of the Company’s common stock was below $50
million for 10 consecutive business days, and, therefore, did not meet the
requirement set forth in NASDAQ Marketplace Rule 4450(b)(1)(A) (the
“Rule”). The Rule and the notice relate only to the eligibility of
I-many’s securities to remain listed on the NASDAQ Global Market and do not
affect I-many’s satisfaction of the listing requirements of the NASDAQ
Capital Market. If I-many cannot meet the requirements for continued
listing on the NASDAQ Global Market, I-many intends to apply to transfer
its common stock to the NASDAQ Capital Market.
The notice from the Listing Qualifications division further stated that the
Company is also not in compliance with an alternative test, NASDAQ
Marketplace Rule 4450(b)(1)(B), which requires total assets and total
revenue of $50 million each for the most recently completed fiscal year or
two of the last three most recently completed fiscal years.
In accordance with NASDAQ Marketplace Rule 4450(e)(4), I-many will be
provided a period of 30 calendar days, or until August 22, 2008, to regain
compliance with the Rule and continue listing its common stock on the
NASDAQ Global Market. If at any time before August 22, 2008, the market
value of I-many’s common stock is $50 million or more for a minimum of 10
consecutive business days (or such longer period as the NASDAQ staff may
require in some circumstances), the Company will achieve compliance with
the Rule.
If I-many has not regained compliance with the Rule by August 22, 2008, the
NASDAQ staff will issue a letter notifying the Company that its common
stock will be delisted from the NASDAQ Global Market. At that time, the
Company may appeal the determination to a Listing Qualifications Panel.
If I-many makes an application to transfer its securities to the NASDAQ
Capital Market by August 22, 2008, NASDAQ will stay any delisting
proceedings pending review of the application. I-many believes it
currently meets the criteria to transfer to the NASDAQ Capital Market.
Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking information within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended
(the Exchange Act), including all statements that are not statements of
historical fact regarding the intent, belief or current expectations of the
company, its directors or its officers. The words “may,” “would,” “will,”
“expect,” “estimate,” “anticipate,” “believe,” “intend” and similar
expressions and variations thereof are intended to identify forward-looking
statements. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, many of which are beyond the company’s ability to control,
and that actual results may differ materially from those projected in the
forward-looking statements as a result of various factors.
About I-many®
I-many (
software and services for the enterprise. With hundreds of customers across
21 industries worldwide, I-many is enabling businesses to manage the entire
contract life cycle, from pre-contract processes and contract management to
active compliance and contract optimization. The result is an end-to-end
solution that provides greater levels of insight into contract performance,
allowing companies to improve profitability and achieve a measurable return
on investment. For more information, please visit www.imany.com.
This news release contains forward-looking statements, and actual results
may vary from those expressed or implied herein. Factors that could affect
these results include the risk of unforeseen technical or practical
impediments to planned software development and other risk factors set
forth from time to time in the Company’s filings with the Securities and
Exchange Commission.
Company Contacts:
I-many, Inc. or Geoffrey Plank |
|
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89
Get Unlimited Organic Website Traffic to your Website
TheNFG.com now offers Organic Lead Generation & Traffic Solutions