PROVIDENCE – Nestor Inc., the parent company of Nestor Traffic Systems Inc., says it is seeking to transfer the listing of the company’s common stock from the Nasdaq Global Market to the Nasdaq Capital Market
On Friday, the executive committee of Nestor’s board of directors authorized the filing of an application to transfer the listing to the Nasdaq Capital Market; the application was filed later that day.
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As previously reported, the company received a Nasdaq Staff Deficiency Letter on Oct. 16, indicating that the market value of its common stock had fallen below $50 million, the minimum level required for the Nasdaq Global Market.
The letter gave the company 30 calendar days – until Nov. 15 – to regain compliance. To do so, the market value for Nestor common stock would have had to be $50 million or more on at least 10 consecutive business days. The company says it will not be able to do so.
Though there can be no assurance in advance, the company believes it is eligible to transfer to the Nasdaq Capital market, and expects Nasdaq to approve the transfer within two weeks.
While awaiting approval, the company expects to be able to maintain its current status, trading on the Nasdaq Global Market under the symbol NEST.
Nestor Traffic Systems (NTS) is a provider of automated traffic enforcement solutions to state and municipal governments. More information on Nestor and NTS is available at www.nestor.com.
