NaviSite Inc.(NASDAQ: NAVI), a provider of enterprise hosting and application services, announced that earlier this month they received a letter from the NASDAQ Stock Market that the company was not in compliance with NASDAQ Marketplace Rule 4310(c)(3).
The rule states that the company must have a minimum of $2,500,000 in stockholders’ equity, $35,000,000 market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.
NaviSite is the current owner of America’s Job Exchange. The job board, which claims to receive about one million unique monthly visitors, was launched in 2007 after the dissolution of America’s Job Bank site. The site caters to people interested in non-executive, middle-income jobs.
NaviSite has until November 21, 2008 to supply NASDAQ with a compliance plan, which they noted was their intention. At that point NASDAQ will determine if the plan is enough to continue listing NaviSite on the stock market.
If NaviSite is notified that it will be delisted, the company has the option of requesting a hearing and appealing the decision to NASDAQ’s Listing Qualifications Panel.