NEWS.... either way OTC or reverse split seems a loss.
LUBBOCK, Texas, Jan. 19 /PRNewswire/ -- Norton Drilling Services, Inc. (Nasdaq: NORT - news) Norton Drilling Services, Inc.'s common stock will continue to be listed on The Nasdaq SmallCap Market via an exception from the minimum bid price requirement.
While Norton Drilling Services, Inc. failed to meet this requirement as of August 13, 1998, the company was granted a temporary exception from this standard subject to Norton Drilling Services, Inc. meeting certain conditions. The exception will expire on March 1, 1999. In the event the Company is deemed to have met the terms of the exception, it shall continue to be listed on The Nasdaq SmallCap Market. The company believes that it can meet these conditions, however, there can be no assurance that it will do so. The company believes that this will be achieved by a five for one reverse stock split of the company's stock which is being presented to the company's stockholders at the annual meeting, January 29, 1999. If at some future date the company's securities should cease to be listed on The Nasdaq SmallCap Market, they may continue to be listed in the OTC-Bulletin Board. For the duration of the exception, the company's Nasdaq symbol will be NORTC.
SOURCE: Norton Drilling Services, Inc. |
