Billserv, Inc., the leading electronic bill presentment and payment Outsourced Solution Provider, announced that it had received a letter from Nasdaq advising the Company that for a period of 30 consecutive trading days, the price of Billserv’s common stock closed below the minimum price of $1.00 per share as required for continued listing on the Nasdaq National Market. Under the Nasdaq Marketplace Rule, if Billserv’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive trading days before November 19, 2002, the Company will regain share price compliance. If Billserv is not compliant by that date, Nasdaq will provide the Company with written notification that the Company’s securities will be delisted from the Nasdaq National Market. If that were to occur, the Company may at that time appeal for an extension to a Nasdaq Listing Qualifications Panel.
The letter also stated that Billserv could apply to transfer its common stock to the Nasdaq SmallCap Market, which makes available an extended grace period, up to an additional 270 days, for the minimum $1.00 bid price requirement. During this period, the Company would also have the ability to transfer back to the Nasdaq National Market if it maintained a closing bid price equal to or greater than $1.00 for 30 consecutive trading days and if the Company complies with all other continued listing requirements for that market.
With the exception of historical information contained in this release, this release includes forward-looking statements made under the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.