First Virtual Communications Denied Request for Extension to Meet NADAQ Listing Requirements
First Virtual Communications, today announced that on August 24, 2004 the Company was notified that its request for an extension to comply with Nasdaq’s listing requirements had been denied.
As a result, the Company’s securities will be de-listed from The Nasdaq SmallCap Market effective with the commencement of trading on Wednesday, August 25, 2004.
The Company had previously been given a deadline of August 16, 2004 to file its quarterly reports for the periods ending March 31 and June 30, 2004, but it was unable to do so because of the ongoing special investigation. The Company advised Nasdaq of the Company’s inability to meet that deadline and had requested an extension of an additional 30 days until September 15, 2004.
The Company has up to 15 days to appeal this decision to a Nasdaq Listing and Hearing Review Council, but the de-listing action will not be stayed while an appeal is pending. Since the Company is still not current with respect to its SEC filings, it is not currently eligible to trade on the OTC Bulletin Board. The Company has not yet decided whether or not to appeal the decision and is reviewing its available alternatives with respect to the trading of its securities.