VSTY appears to be headed to the Nasdaq SmallCap (now known as the Nasdaq Capital Market):
Varsity Group Inc. Receives Non-Compliance Letter From Nasdaq Global Market
Friday August 24, 4:30 pm ET
WASHINGTON, DC--(MARKET WIRE)--Aug 24, 2007 -- Varsity Group Inc. (NasdaqGM:VSTY - News) announced that on August 20, 2007, it received a letter from the Nasdaq Global Market which indicated that as of June 30, 2007, the Company did not comply with the minimum of $10,000,000 stockholders' equity requirement for continued listing on the Nasdaq Global Market set forth in Marketplace Rule 4450(a)(3). As of June 30, 2007, the Company's stockholders' equity was $8,378,000.
The Company has until September 4, 2007 to provide the Nasdaq Global Market with a specific plan to achieve and sustain compliance with all the Nasdaq Global Market listing requirements, including the stockholders' equity requirement. Additionally, the Company has the option to apply for transfer to the Nasdaq Capital Market. The Company believes it currently meets all listing requirements to be eligible for listing on the Nasdaq Capital Market.
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