Nonprofit accounting software developer Kintera said it has received notice of a possible delisting from Nasdaq after falling below the required threshold of stockholders' equity.
Nasdaq rules require companies to maintain a minimum of $10 million in equity, but in its latest quarterly report, Kintera said it had $9.8 million in equity as of March 31. Kintera has until May 30 to provide Nasdaq with a long-term plan to comply with the requirements or face delisting.
If Nasdaq decides the plan is not sufficient and sends a delisting notice, the company has the opportunity to appeal to the Nasdaq Listing Qualifications Panel.
This isn't the first Nasdaq notice for the company. Last month, Kintera reported receiving a notice that its stock price fell below the minimum threshold of $1.00 per share for 30 consecutive business days and faced delisting on that front. Kintera's stock has to close above the $1.00 level for 10 consecutive business days before Sept. 29, 2008, before Nasdaq will consider the company in compliance.
