Digital content and e-commerce marketplace Rediff will now be delisting its stock from Nasdaq and has already applied to the US Securities and Exchange Commission.
Rediff in a statement said,“On 3 February 2016, the company received notice from Nasdaq that it has failed to satisfy the minimum bid price requirement of $1.00 per share continued listing standard.”
Rediff chief executive officer Ajit Balakrishnan, said, “The decision by Rediff’s Board of Directors to deregister and leave the Nasdaq Capital Market was made after careful consideration of the advantages and disadvantages of being a SEC reporting company including the high costs and demands on management’s time arising from compliance with the many SEC and Sarbanes-Oxley requirements… we are constantly looking for ways to reduce costs and increase shareholder value as we continue to focus our efforts on growing the core business.”
The company anticipates that its 20-f for fiscal year ended march 31, 2015 will be its last publicly filed periodic report. It also said that it will continue trading on otc pink marketplace, following the delisting.