Ants' Listing Application Rejected by Nasdaq National Market
Burlingame, California, May 9 (Bloomberg) -- Ants Software.com Inc. said the Nasdaq National Market rejected the software developer's listing application, citing its financial condition, an ongoing federal investigation and the resignation of its auditor.
The 20-year-old Burlingame, California-based company said it had ``cured all of the conditions about which Nasdaq expressed concern'' and would refile a new application to have its shares, which currently trade over-the-counter, listed on Nasdaq.
In March, Ants, which says it's found a way to significantly speed up data processing, said it would restate financial statements from previous years to correct errors. It also cancelled a plan to make test results on its product available to customers.
In January, the Securities and Exchange Commission began a formal investigation of possible fraud in connection with trading in the company's shares.
The company's former auditor, Jaak Olesk, also quit in January after founder Donald Hutton incorrectly identified himself as a certified public accountant in an SEC filing. Its new auditors are re-auditing its results for the past two years.
Ants lost $653,355, or 5 cents a share in the quarter ended Jan. 31.
May/09/2000 9:59 GMT
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