Towerstream delisted from Nasdaq

TOWERSTREAM CORP, a provider of wireless communication services, has been delisted from the Nasdaq stock market.
TOWERSTREAM CORP, a provider of wireless communication services, has been delisted from the Nasdaq stock market.

MIDDLETOWN – Towerstream Corp. will be traded on the over-the-counter venture market effective Dec. 1 after being delisted on the Nasdaq.

The provider of wireless communication services announced on Wednesday the move to trade on the OTCQB under the symbol TWER. It said in a news release that the move will not affect its business operations, adding it has approximately $12 million in cash and recently reduced its long-term debt by $5 million.

Towerstream is currently traded on Nasdaq under the same ticker symbol.

According to a filing with the U.S. Securities and Exchange Commission, Towerstream was notified by The NASDAQ Stock Market LLC that Nasdaq’s Listing Qualifications Hearing Panel determined to delist the company’s stock and that trading would be suspended effective Dec. 1 at the open of business. The filing said Towerstream could appeal the decision, but also said the company received approval to trade on the OTCQB, as it meets trading requirements for that exchange.
Towerstream came before the Listing Panel in July for failing to maintain a minimum $1 per share closing bid. While it maintained a closing bid price of $1 or more for a minimum of 10 prior consecutive trading days by July 24, it was unable to “cure the equity deficiency.”
Towerstream was warned last November that it could be delisted from Nasdaq if its stock price failed to improve.
The OTCQB, according to the OTC Markets Group Inc. website, is geared to early-stage and developing U.S. and international companies that are not yet able to qualify for OTCQX. To be eligible, companies must meet $0.01 bid test and may not be in bankruptcy.

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In the third quarter that ended Sept. 30, Towerstream reported a 4.1 percent decline in revenue, to $6.7 million from $6.9 million in the year-ago quarter, and narrowed its loss to $5.2 million, or $1 per diluted share, compared with a $8.5 million, or $2.50 per diluted share, a year ago.

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