rediff to move to Nasdaq Capital MarketAugust 11, 2015 2015-08-11 8:52
rediff to move to Nasdaq Capital Market
rediff.com is applying to have its ADRs, presently listed on the Nasdaq Global Market, moved to the Nasdaq Capital Market.
Based on the March 31 2015 balance sheet, as reported in the Company’s 20F filing, Nasdaq has informed Rediff that it does not meet the minimum stockholders equity level for continued listing on the Nasdaq Global Market, and that rediff.com may consider moving its listing to the Nasdaq Capital Market.
The continuing listing requirements of the Nasdaq Capital Market are, in the Company’s opinion, more appropriate for companies at rediff.com’s scale of operation.
As per Comscore, Rediff has a 20% reach of the PC-based internet market in India, with 16.2 million monthly active users, a 17% year-over-year growth (though important to note that the company has cash left for less than 8 quarters).