NPTK is taking the "E" train.
Seems that a couple of days after they did their end-run of the rules to become fully reporting, NASD did their review and found that they were not in compliance. So they got an "E", in preparation for delisting next month.
Here's the company's spin on this development:
Friday November 19, 3:23 pm Eastern Time
Company Press Release
NextPath Announces OTC BB Eligibility Status
HILLSBOROUGH, N.C.--(BUSINESS WIRE)--Nov. 19, 1999--NextPath Technologies, Inc. (OTCBB:NPTK - news, NPTKE - news) announced today that on November 12, 1999 it filed a Form 8-K with the Securities and Exchange Commission (SEC) and the National Association of Securities Dealers, Inc. (NASD©) reporting its merger with Epilogue Corporation.
The Form 8-K was NextPath's initial filing as a fully reporting company.
The Nasdaq Stock Market has implemented The OTC Bulletin Board© (OTCBB) Eligibility Rule. Implementation continues with the December 16th Phase-In Group. The status of this group of companies, whose trading symbols (as of January 4, 1999) begin with ``GT' through ``IG', will be evaluated as of the close of business on December 15, 1999.
NextPath is included in the group because as of January 4, 1999 its trading symbol was ``HYPE'. Securities of OTCBB companies that do not meet the Eligibility Rule requirements by December 15 will no longer be eligible for quotation on the OTCBB.
An initial evaluation was conducted by the NASD on November 15th for NextPath in order to assist market makers in fulfilling their responsibility to provide evidence of compliance to the NASD. The trading symbols of securities whose issuers were not deemed compliant with the Rule will be appended with an ``E'. NextPath received an ``E' November 19, 1999.
Once the NASD receives notification that an issuer complies with the filing requirement, the fifth character identifier ``E' will be removed.
If the issuer is not compliant with the filing requirement and/or the NASD has not received notification to this effect, on or before December 15th, the issuer's securities will no longer be eligible for quotation on the OTCBB as of market open on December 16th and their removal will be effective at market-open on Thursday, December 16th.
Through its merger with Epilogue Corporation and filing of the Form 8-K, NextPath elected successor issuer status under Rule 12g-3(a) of the Exchange Act and became a fully reporting company with the SEC.
NextPath and Epilogue are working with the NASD and the SEC to comply with the filing requirement and to have the fifth character identifier ``E' removed.
Certain statements in this news release may constitute ``forward looking' statements within the meaning of section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties, and other factors, which may cause the actual results, performance, or achievement expressed or implied by such forward-looking statements to differ.
NextPath Technologies, Inc. is Quoted on the OTC Bulletin Board as ``NPTK'
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Contact:
NextPath Technologies, Inc.
by
Investor Communications Co.
800/511-4215 or 800/457-5579 |
