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Technology Stocks : Netpliance <NPLI> .com/iopener
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To: Chartgod who wrote (47)7/4/2001 8:56:49 AM
From: Glenn Petersen  Read Replies (1) of 51
 
It looks like NPLI has a reverse split in its future:

Netpliance Announces Positive Results From Nasdaq Hearing

AUSTIN, Texas--(BUSINESS WIRE)--July 2, 2001--Netpliance Inc. (Nasdaq:NPLI) announced today that it has received a favorable ruling from the Nasdaq listing qualifications panel following a hearing that took place on June 7, 2001.

The ruling will allow Netpliance's common stock to continue to be listed on the Nasdaq National Market while Netpliance implements its Nasdaq compliance plan. Netpliance believed that the relative strength of its balance sheet, including its strong cash position, among other things, justified continued listing on the Nasdaq National Market until such time as the trading price of its common stock recovers to reflect its new business model. At the hearing, Netpliance presented a plan to bring its share price into compliance with the Nasdaq requirements.

Pursuant to the notification Netpliance received from Nasdaq, the company must evidence a closing bid price of at least $1.00 per share on or before August 28, 2001. Immediately thereafter, Netpliance must demonstrate a closing bid price of at least $1.00 per share for a minimum of ten consecutive trading days. Netpliance has agreed to effect a reverse stock split of its stock, if necessary, to bring its stock price up to the level that is required by Nasdaq. A reverse stock-split would be consummated only after the approval of the Netpliance stockholders. The company expects to hold a special meeting of stockholders prior to the August 28th Nasdaq deadline to seek approval of a reverse stock split that can be effected at the discretion of the Board of Directors.
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