| Applied digital faces nasdaq delisting { October 28 2003 } Original Source Link: (May no longer be active) http://www.palmbeachpost.com/business/content/auto/epaper/editions/tuesday/business_f3d94ffad0b0c0a90006.htmlhttp://www.palmbeachpost.com/business/content/auto/epaper/editions/tuesday/business_f3d94ffad0b0c0a90006.html
Tuesday, October 28 Applied Digital Solutions faces delisting
By Kristi Swartz, Palm Beach Post Staff Writer Tuesday, October 28, 2003
Applied Digital Solutions Inc.'s time on the Nasdaq National Market might have wound to a close as early as Monday.
The company told shareholders last week that it expects to be delisted from Nasdaq soon because it has not met the minimum listing requirements for more than a year.
Palm Beach-based Applied Digital (Nasdaq: ADSX, 38 cents) was given two 180-day grace periods, followed by a 90-day grace period, to meet the minimum closing share price of $1 for 10 consecutive days.
The 90-day period was to end Monday, the company said.
Applied Digital officials were traveling Monday, but Matthew Cossolotto, a spokesman, said the company did not receive a delisting notice from Nasdaq.
Applied Digital Chairman and Chief Executive Scott Silverman said in a statement that the company plans to appeal the delisting and ask Nasdaq about possible changes in its listing rules.
Nasdaq has formally asked the U.S. Securities and Exchange Commission whether it could change some of its listing requirements.
Shareholders also approved a reverse stock split at a meeting in September.
"In the long run, the only way to keep their price over $1 is for the company to start making money," said Roderick Powell, an analyst at Weiss Ratings Inc.
Applied Digital markets the Verichip, an implantable microchip that works as a tracking device as well as a storage unit for medical data. The company begins selling its products in Brazil next month and has received a contract with the National Foundation for the Investigation of Lost and Kidnapped Children in Mexico.
Applied Digital's wholly owned subsidiary, Government Telecommunications Inc., received $17 million in federal telecommunications contracts last month, bringing the total amount of government orders to $48 million, a 56 percent increase from last year, the company said Monday.
kristi_swartz@pbpost.com
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