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By: DABOSS
Reply To: 161774 by artychoke98 Friday, 21 Jan 2000 at 7:08 PM EST
Post # of 162458
DOW JONES NEWS STORY--REPOST 1/21/00
By Riva Richmond
NEW YORK (Dow Jones) - E.Digital Corp. (EDIG) plans to apply in early February to list on the Nasdaq Stock Market, Senior Vice President Robert Putnam told Dow Jones Newswires Friday.
Speculation that the company, whose shares trade over-the-counter, might make the move to Nasdaq appears to be a force behind the stock's prolonged and meteoric rise.
"We think we qualify, and we intend to put in an application in early February," Putnam said.
Nasdaq listing would help the company attract analyst coverage and institutional investors.
Shares in E.Digital earlier rose as high as 17 3/8, past the previous 52-week high of 15 set Thursday, when the stock closed up 9.3%. It closed Friday at 17, up 3 1/8, or 22.5%, on volume of 11.2 million shares.
In contrast, the stock traded three months ago at 1 13/32. Trading volumes have also increased substantially. While 796,500 shares changed hands on Oct. 21. E.Digital was the top volume mover on the OTC Thursday, with 14.1 million shares traded.
The barrier for entry on the Nasdaq had been the stock price. Putnam said E.Digital shares must stay above $5 level for about 30 trading days.
The stock has traded above 5 since Jan. 5, or 12 trading days.
E.Digital specializes in the development of portable digital audio, image and data recording devices that connect to the Internet and local networks. It licenses or custom designs products for original equipment manufacturers.
The stock has been on a steep climb up since just before E.Digital displayed it's portable Internet music player in International Business Machines Corp's (IBM) space at the International Consumer Electronics Show in Las Vegas earlier this month.
-Riva Richmond; Dow Jones Newswires: 201-938-4046
(END) DOW JONES NEWS 01-21-00
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