Harris Interactive faces Nasdaq de-listing
The firm had been warned about its share price in June this year – the third time in recent years – and had been given a deadline of 12 December for its shares to reach the minimum required level.
Having missed the deadline, Harris explained in an SEC filing that Nasdaq had told the firm its shares “would be subject to de-listing”, but first the company will appear before the stock exchange’s listings qualifications panel where it will have the opportunity to present a plan to regain compliance.
Harris had previously fallen foul of Nasdaq’s minimum requirements in September 2009 and then again September 2010, but on both occasions it managed to regain compliance within the required time frame.
The business is currently in the middle of a turnaround, led by former president, now-CEO, Al Angrisani. In the financial year to 30 June the company reported a $7m operating loss and a 2% decline in revenue. Angrisani (pictured) said the results were “disappointing” and warned that fixing the company would not be “quick or easy”.
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