zanett inc (ZANE) Key Developments
Zanett’s Common Stock To Be Moved To Other OTC From S
Oct 7 11
Zanett Inc.’s common stock will be moved to Other OTC from S, effective October 10, 2011.
Zanett To Voluntarily Delist From NASDAQ
Sep 28 11
Zanett Inc. announced it has decided to voluntarily delist from The NASDAQ Stock Market (NASDAQ). Pursuant to NASDAQ Listing Rule 5840(j), Zanett has elected to voluntarily delist its shares of common stock from NASDAQ. Recently, and after much discussion and deliberation, the Board of Directors unanimously approved a resolution authorizing Zanett to voluntarily delist from NASDAQ. Material facts related to this important decision include the size of Company revenues, the increasing number of complex rules and regulations designed for large corporations, but enacted on small companies nonetheless, the person-hours related to the compliance with such rules and regulations, the large and constantly increasing annual costs related to such accounting, legal, and compliance related issues, and the large amount of Management mental capital related to public company compliance and requirements. On or about July 6, 2011, Zanett received a letter from NASDAQ notifying the Company that the bid price per share for the Company's common stock has closed below the $1.00 minimum bid price requirement for 30 consecutive trading days and that, as a result, the Company no longer meets The NASDAQ Capital Market's minimum bid price requirement for continued listing set forth in Marketplace Rule 5550(a)(2). Zanett's management current intention is to endeavour to register the Company common stock on an alternate exchange, if available and cost effective.
Zanett Receives Non Compliance Notice From NASDAQ
Jul 11 11
On July 6, 2011, Zanett Inc. received a letter from the NASDAQ Stock Market (NASDAQ) notifying the Company that the bid price per share for the Company's common stock has closed below the $1.00 minimum bid price requirement for 30 consecutive trading days and that, as a result, the Company no longer meets The NASDAQ Capital Market's minimum bid price requirement for continued listing set forth in Marketplace Rule 5550(a)(2). No breach of any other listing requirement was listed in the letter. Pursuant to Marketplace Rule 5810(c)(3)(A), the Company has 180 calendar days, or until January 3, 2012, to regain compliance with the rule. To regain compliance with the minimum bid price requirement, the closing bid price of the Company's common stock must close above $1.00 for a minimum of ten consecutive trading days. Furthermore, the letter also states that in certain circumstances, the NASDAQ staff has the discretion to require compliance for a period in excess of 10 consecutive business days, but generally no more than 20 consecutive business days. The 180-day compliance period relates exclusively to the Company's bid price deficiency. The Company may be delisted during the 180-day period for failure to maintain compliance with any other listing requirement which occurs during this period. Currently the Company believes that it is not in breach of any other listing requirement. If, by January 3, 2012 the Company cannot demonstrate compliance with Marketplace Rule 5550(a)(2), then the NASDAQ staff will determine whether or not the Company meets The NASDAQ Capital Market initial listing criteria set forth in NASDAQ Marketplace Rule 5550, except for the bid price requirement. If the Company meets the initial listing criteria (with the exception of the bid price requirement) and provides written notice of its intention to cure the deficiency during the second compliance period (by reverse stock split, if necessary), the NASDAQ staff will notify the Company that it has been granted an additional 180 calendar day compliance period, or until July 1, 2012. If the Company is not eligible for an additional 180-day compliance period, the NASDAQ staff will provide written notice that the Company’s securities will be delisted. At that time, the Company may appeal the NASDAQ staff’s determination to delist its securities to a Listing Qualifications Panel. The Company’s management and Board of Directors are considering various alternatives to address this issue.
Zanett Receives Non-Compliance Notice From NASDAQ
May 31 11
Zanett, Inc. announced that it received a non-compliance notice from the NASDAQ Stock Marke (NASDAQ) stating that the company was not in compliance with NASDAQ Listing Rule 5250(c)(1) because the company has not timely filed its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011. The NASDAQ letter stated that the company has until July 25, 2011, to submit a plan to regain compliance. If such a plan is timely submitted by the company, the NASDAQ staff can grant the company up to 180 calendar days from the due date of the Form 10-Q (or until November 21, 2011) to regain compliance. The company intends to submit a plan to regain compliance to NASDAQ no later than July 25, 2011. No assurance can be given that NASDAQ will accept the company’s compliance plan or grant an exception for the full 180-day period contemplated by the NASDAQ Listing Rules. Under the NASDAQ rules, the company’s common stock will continue to be listed on NASDAQ until July 25, 2011, and for any exception period that may be granted to the company by NASDAQ. However, until the company regains compliance, quotation information for the company’s common stock will continue to include an indicator of the company’s non-compliance and the company will continue to be included in a list of non-compliant companies on the NASDAQ website.