Steel Partners, the entity that controls LQCI, has assumed control of NOVT Corporation, formerly Novoste Corporation (stock symbol: NOVT), after threatening the company with a proxy contest. NOVT recently sold off its remaining operating assets and is now a shell. As of December 31, 2005, NOVT had net working capital, mostly cash, of approximately $10 million. The shares closed at $2.77 on Friday, giving the company a market cap of approximately $11.3 million.
The company’s most recent 10-K can be found at:
sec.gov
On April 3, 2006, the shares of NOVT lost their Nasdaq listing and now trade on the pink sheets.
As a result of the notice the Company received from the Nasdaq Stock Market described above, the Company expects that its common stock will be delisted from the Nasdaq Stock Market at the open of business on April 3, 2006. Upon delisting, the Company's common stock will not be immediately eligible to trade on the OTC Bulletin Board or in the "pink sheets" and there can be no assurance that the Company's common stock will trade on the OTC Bulletin Board or in the "pink sheets."
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