CRANSTON – Nestor Inc., which makes automated traffic enforcement systems, said the market value of its stock had fallen below $50 million, the minimum value required for continued listing on the Nasdaq Global Market.
A Nasdaq deficiency letter said Nestor also does not comply with the alternative marketplace rules, which require total assets and total revenue of $50 million each for either the recently completed fiscal year or two of the last three fiscal years.
The company has 30 days to regain Nasdaq compliance, by regaining a common stock value of more than $50 million for 10 consecutive business days.
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The company said it believes it currently satisfies the financial and other listing requirements of the Nasdaq Capital Market, and, if it is unable to regain eligibility for the Nasdaq Global Market, it will transfer its listing to the Nasdaq Capital Market.
